Sam Bankman-Fried reportedly cashed in $684,000 in crypto this week

Under house arrest pending his trial, the former head of FTX still has the right to use the internet.

Former FTX CEO Samuel Bankman-Fried (SBF) Linked to Recent Alameda Research Crypto Transfers? The question may arise because once again everything is traceable on blockchains. According to well-known crypto ecosystem investigator “BowTiedIguana”, Samuel Bankman-Fried cashed in $684,000 in cryptos this week.

BowTiedIguana noticed that one of the public addresses associated with SBF was sending cryptocurrencies to a new Ethereum address, created an hour earlier. Within 3 hours, “more than 100 new deposits were made to this wallet” from various public addresses, including thirty from Alameda Research, the trading company and subsidiary of FTX.

570 ethers, or about 684,000 dollars

Then, in less than 4 hours, 570 ethers – worth about $684,000 at the time of the transaction – were transferred from this address to a Seychelles-based crypto exchange (which does not require going through a Know Your Customer KYC procedure) and on Bitcoin- network, by a decentralized and anonymous bridge called the Ren protocol.

As a reminder, an address (or public key) is a sequence of digits and numbers that allows transactions to be tracked on the blockchain upon which users can receive cryptocurrencies. In this case, the address is the one recently created by SBF 0x7386df2cf7e9776bce0708072c27d6a7135d51cb. Its transactions can be seen here on software that scans transactions on the Ethereum blockchain.

“Because the Ethereum blockchain is an immutable public ledger, this on-chain evidence is permanently available to law enforcement and the courts,” the expert said on Twitter, citing lawyers the US stock market watchdog is following.

Bail violation?

If this information were to be confirmed, the SBF would have breached the conditions of his release on bail. The latter has actually been under house arrest in his parents’ house since last week on a $250 million bond, SBF is authorized to go on the Internet but cannot make a purchase of more than $1000 without asking permission from a US court or start a business.

This new revelation only raises doubts about the still close ties between SBF and the trading company Alemeda Research.

As a reminder, Alameda Research conducted crypto transfers a few days later. the release of the former head of FTX. Specifically, on Wednesday night, the company transferred (or sold) $1.7 million in cryptocurrencies, including more than 270 ethers and 800,000 usdt stablecoins.

Cryptocurrencies have been relegated to “mixing” services, tools that make it possible to scramble or even anonymize transactions. The company reportedly used no less than 30 wallet addresses to transfer these funds in the past 24 hours.

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