• On-chain data suggests that former FTX founder Sam Bankman-Fried (SBF) has allegedly moved Ethereum (ETH) worth $684,000 to RenBridge and a Seychelles-based exchange.
• The transactions allegedly carried out by SBF could be a violation of his $250 million bail terms, which restrict him from conducting transactions above $1,000 without court approval.
• On-chain sleuth BowTiedlguana identified three wallets that were allegedly involved in the transactions, which were linked to Alameda Research and SBF’s public wallet.
Sam Bankman-Fried, the founder of now-defunct crypto exchange FTX, has been accused of allegedly moving Ethereum (ETH) worth $684,000 to RenBridge and a Seychelles-based exchange, according to on-chain data.
On-chain sleuth BowTiedlguana reported the alleged transactions in a Twitter thread, claiming that they could be a violation of Bankman-Fried’s $250 million bail terms. According to the terms of his bail, Bankman-Fried is restricted from conducting transactions above $1,000 without court approval.
The transactions began on Dec. 28, when 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. This newly created address received around 185.1928 ETH from wallets tagged as Alameda Research within a few hours, according to on-chain data.
Alameda Research was a now-defunct hedge fund that was owned by Bankman-Fried and 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 sent 478.88 ETH, worth around $684,000, to RenBridge and a Seychelles-based exchange.
While the exact purpose of these transactions remains unclear, the fact that Bankman-Fried allegedly conducted them without court approval raises questions about whether he violated his bail terms. If the allegations are proven to be true, he could face serious consequences.
Regardless, the news has once again raised concerns over the reliability of crypto exchanges, as well as the need for stricter regulations to protect users. It also highlights the importance of understanding the risks associated with cryptocurrency trading, and the need for caution when dealing with digital assets.