BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Ex-FTX Bouss Under House Arrest But is Violating Bail Terms, Cashes Out $684k

by Chiwuike Owunwa
Dec 30, 2022 - 12:00 am
in Blockchain
Ex-FTX Bouss Under House Arrest But is Violating Bail Terms

The disgraced former CEO of FTX Sam Bankman-fried just cashed out $684k to his crypto exchange in Seychelles while under house arrest, violating the terms of his bail.

Did disgraced crypto founder Sam Bankman-Fried just cash out $684k to a crypto exchange in the Seychelles while under house arrest?

His release conditions are that he not spend more than $1,000 without permission from the court.

Let's examine the evidence on chain 👇

— BowTiedIguana (@BowTiedIguana) December 30, 2022

The drama surrounding the FTX crash and Sam Bankman-fried has not lessened one bit. He was called to face judgment but did not make it to the hearing. Later claims came that he was arrested in the Bahamas and was to be extradited to the US.

He later posted bail worth $250k, which is believed to be part of the funds he stole from users. Part of his bail conditions was a limit on his spending. He wasn’t allowed to spend more than $1,000 without the permission of the court.

The story behind the $684k transaction started back in August 2020. When SBF agreed to take over the SushiSwap exchange from Chef Nomi, the agreement was for ownership to be transferred to one of Sam’s ETH addresses.

Thus, Chef Nomi transferred administrative ownership to Sam’s address back in 2020.

Fast forward to 2022, post-bail, SBF sent all his remaining assets to a new ETH address he created, and after three hours of that movement, over 100 new deposits were made to the new wallet from different addresses. All of which had links to Sam and Alameda.

Within five hours, multiple addresses owned mostly by the defunct hedge fund and Crashed FTX exchange had transferred $684k worth of funds. These were then transferred out to his no-KYC exchange based in Seychelles, and to the Bitcoin network via the Ren Protocol.

The Ren Protocol, formerly the Republic protocol, was funded by Alameda and Sam back in August. Ren claimed that nobody could Launder money or assets through its project and it was also part of FTX’s plan to develop the Solana network.

Fortunately, the Ethereum blockchain is immutable, which means evidence of SBF breaking bail terms is permanently available to the authorities. SBF has conducted transactions worth $683k more than his bail limit, thus the SEC attorneys were informed of the transaction.

If the assets were part of the bankruptcy estate of FTX and Alameda, they are not Sam’s assets, which would constitute an unlawful act. The transaction involved 32 wallets belonging to Alameda research, wallets that are supposed to be on lock and key following the filing of bankruptcy.

And the funds were transferred to projects that were owned by Sam.

Tags: FTXSBF
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service