Was $684K just cashed out by SBF?
Despite court orders, the FTX CEO reportedly withdrew the money via Ren Protocol and a non-KYC platform.
Sam Bankman-Fried (SBF), the discredited founder and former CEO of the insolvent cryptocurrency exchange FTX, is said to have cashed out crypto assets worth $684,000 despite a court order prohibiting transactions worth more than $1,000.
BowTiedIguana, an on-chain DeFi expert, used Twitter to determine where SBF moved the money.
Assessing the Financial Trail
The CEO of FTX transferred all of the ether (ETH) in his public wallet to a new wallet address, 0x7386df2Cf7e9776bCE0708072c27d6a7135D51CB, following Bankman-$250 Fried’s million bail last week.
A few hours later, cryptocurrency valued at $367,00 was sent to the same wallet from 32 addresses controlled by SBF’s trading company Alameda Research.
Additional wallets sent $322,000 to the address, increasing the total assets to over $680,000.
The wallet address 0x7386 then transferred tokens valued at $629,000 from its entire holding into another wallet address, 0x64e9B9cD74A46f71e7631CB033afA6E7849a8683.
The same wallet address, 0x64e9, received $1 million from eleven wallet addresses identified as belonging to Alameda. The next five transactions totaled less than 51 ETH and were sent to a brand-new wallet address.
Exchange of Funds Transferred to the Seychelles
The money was subsequently moved to a cryptocurrency exchange situated in the Seychelles that doesn’t require customers to complete Know-Your-Customer (KYC) procedures.
Additionally, some of the money was sent through the Ren protocol and then to the Bitcoin network. Anyone may transmit BTC, ZEC, and BCH between blockchains thanks to the Ren protocol, which acts as a gateway. The platform was purchased by Alameda in February 2021.
Additionally, three sets of 200,000 USDT were sent to FixedFloat, a self-custodian cryptocurrency exchange that enables trades via its Lightning Network.
Although it is yet unknown if SBF was really responsible for the withdrawals, it won’t be long before US attorneys start looking into the transactions.
Bahamas regulators seize FTX’s $3.5 billion
To stop the money from disappearing, the Bahamas government has seized assets worth $3.5 billion that belonged to FTX Digital Markets, the Bahamian branch of the defunct cryptocurrency exchange.
The money will be refunded to investors at the court’s discretion, according to authorities.
