Disgraced FTX Co-Founder Accused Of Moving $684,000 Of Crypto Assets While Under House Arrest CryptoBlog

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According to an analyst on December 29, 2022, disgraced FTX co-founder Sam Bankman-Fried (SBF) may have banked $684,000 in crypto assets while under house arrest. If the funds were spent by SBF, it is against the court’s release conditions which note that the former FTX executive is not allowed to spend more than $1,000 without court permission.

Analyst finds funds tied to SBF and Alameda portfolios moved while FTX co-founder under house arrest

On Thursday, an analyst called “Bowtiediguana” posted a Twitter thread that shows Sam Bankman-Fried may have spent $684,000 while under house arrest. According to Bowtiediguana, in August 2020, SBF agreed to temporarily take over decentralized exchange (dex) Sushiswap, after anonymous founder Chef Nomi decided to leave. When the deal was done, SBF shared a public Ethereum address and Chef Nomi transferred ownership of Sushiswap to SBF’s address.

“After SBF’s release, his wallet sent all of his remaining crypto tokens to a new Ethereum address created an hour earlier,” Bowtiediguana tweeted. “In 3 hours, over 100 new deposits were made to this wallet from various addresses, most with links to defunct hedge fund Alameda Research.” The analyst continues:

In less than [four] hours, 570 [ethereum] approximately $684,000 in value was transferred from this new portfolio to various destinations. The funds were sent to a Seychelles-based KYC-free exchange and the Bitcoin network via the [Ren Protocol], a bridge funded by Alameda. Maybe the SEC lawyers would like to know about it?

The address in question is this Ethereum address “which received an additional $1 million from 11 Alameda Research labeled wallets,” Bowtiediguana said. “[Five] separate transactions of 51 ETH were used to transfer funds to newly created wallets [and] then to a stock exchange based in the Seychelles. [Three] tranches of 200,000 USDT were also sent from the SBF linked wallet to the Fixedfloat exchange,” the analyst added.

Bowtiediguana’s thread shows that an individual decided to email information to the United States Securities and Exchange Commission (SEC) about the latest on-chain moves. Others tagged the US regulator in the Twitter feed and said, “@secgov you gave [SBF] 2 bulls on a leash. please address this criminal. It is currently unconfirmed who actually moved the funds, but many speculate it was SBF.

Since SBF’s arrest and subsequent release, funds linked to FTX and Alameda have been moved and transfers intercepted by online sleuths. Funds linked to Alameda were transferred two days ago and would have been sent to Fixedfloat and Changenow and then converted to BTC. In another case, a wallet labeled Alameda sent 11.37 wrapped bitcoins (WBTC) to a wallet after withdrawing it from Aave on December 29.

On the same day, another wallet labeled Alameda sent 22,500 USDC on December 29. These two transactions took place the day after a large amount of ERC20 tokens linked to Alameda were moved on Wednesday, December 28.

Tags in this story Alameda Fund, Analyst, Analyst Findings, August 2020, Bowtiediguana, Changenow Exchange, Chief Nomi, ERC20 Tokens, ETH, Ethereum, Fixedfloat Exchange, ftx, FTX Co-Founder, FTX Collapse, FTX Funds, Onchain, onchain sleuths, Ren Protocol, Sam Bankman-Fried, sbf, SBF Alameda, SBF FTX, SEC, Securities and Exchange Commission, Sushiswap, USDT

What do you think of the onchain moves captured by analyst Bowtiediguana? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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