According to some altcoin platforms, FTX founder Sam Bankman-Fried (SBF) may have taken action to sell the funds. He may have sent $1.48 million worth of crypto to various exchanges to cash out the funds. One of his wallets, known to be owned by SBF, pooled funds, along with several known Alameda wallets. He then began increasing them through three central exchanges alongside the Rhine. According to experts, it seems unlikely that law enforcement will check these wallets. Here are the details…
Mobility in altcoin wallet linked to Sam Bankman-Fried
Sam Bankman-Fried insisted that he only had $100,000 left in his bank account. However, he never mentioned his wallets. According to cryptocurrency platform Cryptobriefing, SBF may have withdrawn as much as $1.48 million in cash. According to the platform’s calculations, Sam Bankman-Fried may have cashed in as much as $1.48 million from his ten chain wallets. As DeFi analyst BowTiedIguana points out, on-chain data shows that on December 27, a Bankman-Fried-associated wallet sent 0.66 ETH to a newly created Ethereum wallet, starting with “0x7386”. We know that the original wallet belongs to SBF because he tweeted it in September 2020.
The 0x7386 wallet received a total of 569.95 ETH from dozens of wallets in over a hundred transactions in five hours. Some of these wallets are tagged as Alameda Research on Etherscan. It then proceeded to send 519.95 ETH to a wallet starting with 0x64e9. This wallet was also newly created, but it was already holding 800,000 USDT before the ETH transaction. The previous 800,000 USDT was sent to four different addresses, all starting at 0x4e5b, combining USDT into one wallet. According to Etherscan, this wallet is owned by the central exchange FixedFloat.
SBF may not have done the transactions
Meanwhile, 0x64e9 continued to exchange most of its 519.95 ETH for altcoin USDT. 200,000 USDT was exchanged again for 10.33 renBTC. The funds were then bridged to Ren, which ensures complete transaction confidentiality. Another 200,000 USDT was sent to three different wallets and was once again consolidated into a wallet starting with 0xbb3fd, which Nansen marked as owned by Binance. Finally, the remaining 310.85 ETH was sent through eight different wallets. It was consolidated once again, this time in a wallet starting at 0x077d and labeled by Etherscan as belonging to crypto exchange ChangeNOW. The remaining 50 ETH from the original 0x7386 address was also sent to this wallet.
Putting all of this together, it looks like whoever controls these wallets has cashed in roughly $1,480,500 in cryptocurrencies. Was it definitely Bankman-Fried who did the transactions? No. Someone else could discover the private keys of these SBF-linked wallets. For, cryptocoin.com As we have also reported, the bankruptcy filings show that the FTX group is not very careful about security. The wallet activity, on the other hand, used censorship-resistant methods to cash out the owner. In fact, the transactions show that the traders are particularly careful about this issue. Therefore, according to the platform, it is unlikely that the funds were moved at the behest of law enforcement.