Did Sam Bankman-Fried secretly take in $1.5 million?

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Key Takeaways Sam Bankman-Fried may have sent over $1.48 million worth of crypto to various exchanges to cash out the funds. One of his publicly known wallets, along with many well-known Alameda wallets, pooled funds and then rolled them out through three centralized exchanges, along with Ren. It seems unlikely that law enforcement will control these wallets. Share this article

Sam Bankman-Fried insisted he only had $100,000 left in his bank account, but he never mentioned his wallets! The crypto villain may have cashed in as much as $1.48 million.

Suspicious chain activity

Sam Bankman-Fried may have cashed in a significant sum from his on-chain wallets – $1.48 million, according to Crypto Briefing calculations.

As noted by DeFi analyst BowTiedIguana, on-chain data shows that on December 27, a wallet associated with Bankman-Fried sent 0.66 ETH to a newly created Ethereum wallet from 0x7386. We know the original wallet belonged to SBF because he tweeted it in September 2020.

Wallet 0x7386 received a total of 569.95 ETH from dozens of wallets in over a hundred transactions within five hours. Some of these wallets are labeled on Etherscan as belonging to Alameda Research.

He then sent 519.95 ETH to a wallet starting with 0x64e9. This wallet was also recently created, but it already contained 800,000 USDT before the ETH transaction. The previous 800,000 USDT was sent to four different addresses, all of which then consolidated the USDT into a wallet starting at 0x4e5b. According to Etherscan, this wallet belongs to the centralized exchange FixedFloat.

Meanwhile, 0x64e9 proceeded to exchange most of its 519.95 ETH for USDT. 200,000 USDT was again exchanged for 10.33 renBTC. The funds were then transferred to Ren, who offers complete transaction confidentiality.

An additional 200,000 USDT was sent to three different wallets and recombined into a wallet starting with 0xbb3fd, which Nansen reports as belonging to Binance.

Finally, the remaining 310.85 ETH was sent to eight different wallets and consolidated once more, this time to a wallet starting with 0x077d, which Etherscan labels as belonging to the ChangeNOW crypto exchange. The remaining 50 ETH from the original 0x7386 address was also sent to this wallet, after a brief jump to a burner wallet.

Adding it all up, it looks like whoever controls these wallets has cashed in around $1,480,500 in cryptocurrencies.

Was it necessarily Bankman-Fried? No. Someone else could have discovered the private keys to these SBF-linked wallets, especially since the bankruptcy filings seem to indicate that the FTX group was not particularly security conscious. On the other hand, it seems unlikely that the funds were transferred at the behest of law enforcement, as wallet activity indicates the owner was keen to use relatively censorship-resistant methods to cash out. .

Disclaimer: At the time of writing this article, the author of this article owned BTC, ETH, and several other crypto assets.

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