Sam Bankman-Fried allegedly withdraws $684k while under house arrest

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Blockchain
Sam Bankman-Fried allegedly withdraws $684k while under house arrest

On-chain data released by blockchain analyst BowTiedIguana via Twitter on Dec.30 shows embattled FTX exchange founder, Sam Bankman-Fried, may have flouted one of his release conditions by withdrawing $684k to a centralized no-KYC crypto exchange in Seychelles.

Sam Bankman-Fried (SBF), the now infamous founder of the FTX exchange, could already be violating some of his bail conditions barely one week after being released from prison and being placed under house arrest following a $250 million bond.

SBF cashes out $684k to an offshore account?

According to on-chain data released on Twitter by @BowTiedIguana, Bankman-Fried may have successfully sent $684,000 from his wallet to a no-KYC, Seychelles-based centralized exchange. 

https://twitter.com/BowTiedIguana/status/1608653434387050496

As part of his release conditions, SBF cannot conduct transactions worth more than $1,000. As such, the latest funds transfer may further hamper the freedom of the highly connected FTX founder, who currently faces trial for money laundering, fraud and other serious crimes, which could put him behind bars for life.

While the crypto world anxiously awaits the final outcome of the SBF case, a glimmer of hope exists for FTX crash victims, as fresh reports have it that Bahamian authorities have signalled plans to release the over $3.5 billion worth of FTX assets in their custody to only the customers and creditors that own them.

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Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.