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FTX Founder Reportedly Cashes out $684K After Being Released on Bail

FTX founder Sam Bankman-Fried is reportedly cashing out large amounts of cryptocurrency soon after being released on bail, on-chain data suggests.

SBF has cashed out $684,000 in crypto to an exchange in Seychelles while being under house arrest, according to the on-chain investigation by DeFi educator BowTiedIguana.

According to BowTiedIguana’s analysis, SBF’s public address (0xD5758) on Dec. 28 sent all remaining Ether (ETH) to a newly created address (0x7386d). BowTiedIguana noted that SBF took over the address that was originally owned by Sushiswap creator from Chef Nomi in August 2020.

Within hours, 0x7386d received transfers totaling $367,000 from 32 addresses identified as Alameda Research wallets, with an additional $322,000 coming from other wallets. All funds were sent to a centralized crypto exchange in Seychelles and to the crypto bridge RenBridge, according to the DeFi analyst.

(By HELEN PARTZ)

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FTX Token FTX Token $2.61
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FTX Sam Bankman-Fried SBF Alameda Research
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