Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, has recently been released on bail and is reportedly cashing out large amounts of cryptocurrency soon after. According to an on-chain investigation by DeFi educator BowTiedIguana, SBF has cashed out $684,000 in crypto to an exchange in Seychelles while under house arrest. This news has been met with surprise and speculation in the crypto community, with many wondering what the implications of this large cash out could be.
BowTiedIguana, a decentralized finance (DeFi) analyst, recently reported on a series of suspicious wallet transactions on Twitter that were allegedly linked to SBF, the former CEO of FTX. According to BowTiedIguana’s analysis, SBF could have violated the court’s release conditions by spending more than $1,000 without permission. The analysis has since sparked conversation and debate in the DeFi community, as the possible implications of SBF’s actions remain unclear.
On December 28th, BowTiedIguana reported that Sam Bankman-Fried (SBF) had sent all of his remaining Ether (ETH) to a newly created Ethereum address (0x7386d). This address had previously been owned by Chef Nomi, the original creator of Sushiswap, who had transferred ownership to SBF back in August of 2020. It appears that SBF has now moved his ETH from his previous public address (0xD5758) to this new address in order to facilitate transactions on the Sushiswap exchange. This move will likely improve the security of SBF’s funds as he continues to manage the Sushiswap exchange.
On April 8th, 0x7386d received an astonishing amount of transfers totaling $367,000 from 32 wallets identified as belonging to the Alameda Research firm, with an additional $322,000 sent from various other wallets. All of these funds were sent to a centralized crypto exchange located in Seychelles and to the RenBridge crypto bridge, as reported by a DeFi analyst. This influx of funds is an indication that Alameda Research is heavily investing in the crypto market, further cementing its place as one of the top firms in the industry.
0x7386d recently sent a substantial amount of Ether (ETH) to 0x64e9B, amounting to 519.5 ETH (or around $629,000). It appears that the funds were sent from addresses labeled as Alameda Research. BowTiedIguana also found that five transactions of less than 51 ETH ($61,000) were sent from 0x7386d to newly created wallets and then to a Seychelles-based exchange. It is unclear what the purpose of these transactions were, but it appears that a large amount of money was moved in a short period of time.