• On-chain data suggests that the fallen founder of FTX Sam Bankman-Fried (SBF) moved Ethereum (ETH) worth $684,000 to RenBridge and Seychelles-based exchanges over the past 2 days.
• In a Twitter thread, on-chain sleuth BowTiedlguana claimed that SBF transferred $684,000 worth of Ethereum (ETH) to a Seychelles-based exchange and RenBridge.
• On Dec. 28, SBF allegedly emptied his public wallet by sending 0.6659 ETH, worth around $806.51 at the time, to a newly created address, as per Etherscan data.
The downfall of Sam Bankman-Fried, former founder of the popular cryptocurrency exchange FTX, has continued with news that he has allegedly moved $684,000 worth of Ethereum (ETH) to RenBridge and Seychelles-based exchanges over the past two days. This news was made public through a Twitter thread from BowTiedlguana, an on-chain sleuth.
The alleged movement of funds is reportedly in violation of Bankman-Fried’s $250 million bail terms, which restrict the former crypto mogul from conducting transactions above $1,000 without court approval. On Dec. 28, Bankman-Fried allegedly emptied his public wallet by sending 0.6659 ETH, worth around $806.51 at the time, to a newly created address, as per Etherscan data.
The newly created address then received around 185.1928 ETH from wallets tagged as Alameda Research within a few hours, on-chain data shows. Alameda Research was a now-defunct hedge fund owned by Bankman-Fried that filed for bankruptcy along with FTX on Nov. 11. Additionally, the new wallet received 384.95 ETH, worth around $458,348, from various wallets.
From the new wallet 519.95 ETH was transferred to an address that also received funds from Alameda Research wallets, as per on-chain data from Etherscan. This third wallet then transferred the funds to RenBridge, a Seychelles-based exchange. It is believed that Bankman-Fried is trying to move his funds out of the jurisdiction of US authorities, as the exchange is not subject to US regulations.
The news has caused uproar in the crypto space, with many questioning Bankman-Fried’s motives and calling out his disregard for the court’s bail terms. The US authorities are yet to take any action against Bankman-Fried, but the situation is being closely monitored by the crypto community.