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Sam Bankman-Fried cashes out US$684,000

Sam Bankman-Fried, Alameda Reseach, SBF, FTX, DeFi, Ether, ETH


Sam Bankman-Fried cashes out US$684,000

Taking undue advantage of his bail, Sam Bankman-Fried (SBF), founder of fraudulent FTX has sent around 570 Ether worth US$684,000 to a Seychelles-based exchange and Ren Protocol’s Bitcoin bridge on December 28, 2022, suggesting that he attempted to cash out the funds. All the Ether tokens from Bankman-Fried’s public address were sent to an address created just a few hours before the first transaction.

The newly-created wallet received over 100 additional deposits from different addresses, including transfers totaling US$367,000 from 32 addresses linked to Alameda Research.

Pseudonymous DeFi analyst BowTiedIguana tweeted that in less than four hours, 570 ETH was sent to various destinations, including “a no KYC exchange based in the Seychelles” and to the Bitcoin network via Ren Protocol.

The analyst noted that “3 tranches of 200k USDT were also sent from the SBF-linked wallet to the FixedFloat exchange”, urging authorities to look into the deposits.

Sam Bankman-Fried has been on house arrest at his parents’ California residence since December 22, after making a US$250 million bail.

BowTiedIguana also noted that spending over US$1,000 may violate Bankman-Fried’s release conditions.

Bankman-Fried’s parents are reportedly spending US$10,000 a week on armed security, anonymous sources told NYP.

Meanwhile, hundreds of people are commenting on this issue whereas majority of them are demanding immediately revoking of SBF’s bail. Here are few of those comments:

Arthur: If my son broke the law I would not bail him out. The $250 million dollar bond is secured by his parents’ home. The reason his parents bailed him out is because they are in on it also. They have to get together with their lawyers to scheme their way out of this.

Edward: I can bet they have a few billion stashed up somewhere. The apple does not fall far from the tree. How else are the parents affording to pay 50K per month for armed security?

George: His bail needs to be revoked and he must be returned to jail. If not, this is proof the fix is in.

Margarette: How does this guy even have access to any of his or his companies accounts? Shouldn’t bail have included STAY OFF the computer, stay away from FTX? Sheesh. The guy is probably busy designing his next crypto scam as the government looks the other way.

Shane: One would think using a computer or the internet would have been a restriction on his bail like all internet crimes.

Christopher: BAIL VIOLATION. So, now mom and dad are on the hook for $25 MILLION, and he can spend the rest of the time in a nice comfy CALIFORNIA Dept. of Corrections facility. Someplace like CORCORAN.

Eddy: He didn’t “Spend” it. He transferred an existing asset. The courts are not well versed in crypto and its movements and how it is converted to hard currency. They may want to, because it could be done and deposited into foreign accounts that have no extradition with the US or Bahamas. If SBF could get there he and the funds would be untouchable.

Darlin: I feel most of us didn’t believe him when he claimed that he was basically broke. We knew there were assets in hiding. I hope he violated his parole and will return to jail, and his parents will never have a dime again since they’ll be on the hook for $250,000,000.00.

Morgan: Why is this guy under house arrest? The preponderance of evidence suggests that there is a strong likelihood that this guy committed one or more felonies. He is a flight risk and should be detained considering the losses that were suffered by investors. This smells really rotten and someone is calling in favors (and I think they’ve been legally bribed along the way).

Fredrick: Now we know why he wanted to be extracted to the US. He would still be in jail if he was in the Bahamas. But we all know they got paid handsomely to bring him to the US.

Connor: So, he commits one of the biggest frauds in US history, is released on bail even though he obviously has hidden assets and ties overseas, and then he’s able to continue moving stolen funds while out on bail? Crazy.

Tal: Even though he has not been convicted of anything it seems like all his personal assets ought to be frozen and he can only access his personal assets with the permission of the court or it would be violation of his bail agreement.

Barbara: Just goes to prove as Bob Dylan once wrote in lyrics, “steal a little and they throw you in jail, steal a lot and they make you king.”

Hervey: People keep forgetting a few things …. 1) He has not been officially convicted of anything, he has been charged 2) FTX and Almeda assets are one thing and those are controlled but his personal assets would be hard to trace, track, and the guy was worth 26 billion at one point. They moved hundreds of millions of dollars all over the place….. He has tens of millions stashed in wallets or safety deposit boxes for sure. 3) They are chasing BILLIONS and so if say 50 million was not found they would not consider it a major issue. Bahama’s just reported they have 3.6 billion in assets held by their government so SBF probably has more than a few million on thumb drives or wallets laying around places they will not find.

Karl: The sight of SBF diligently using a laptop while waiting at the airport after his bail should raise a lot of questions. Surely, he was not just sending out hello email to his buddies or sending account access info to the new FTX CEO. It makes anyone feel sick having heard SBF saying he wanted to make his poor customers whole a few weeks ago.

Robert: SBF’s original judge recused herself (due to obvious and serious conflicts of interest) the DAY AFTER she turned SBF loose from jail. Very convenient. And now SBF is moving the wealth he stole to keep it from the victims.

Jim: Sure, seems like what is described ought to violate SBF”s bail agreement. How can he be able to touch anything that is related to Alameda Research? Any assets at Alameda Research should be frozen not only SBF’s assets. Only thing I can think of is SB got permission from the Judge to move the assets described in order to not violate is bail agreement and be thrown into the clink. SBF’s must know that moving assets would be seen.

Henry: Why is he allowed to touch a computer? His bail should’ve had conditions barring him from moving money. This is being done to cover democrat trail.

Paul: No wonder he took the extradition. He has more freedom under house arrest than when he was free in the Bahamas. This kid will keep the scam going until someone takes him out.

Martha: Our DOJ and FBI are doing a wonderful job of finding the money. What a joke the whole system is. Are they tracking the parents accounts? I doubt it.

Bill: So, Sam continues to steal while he is out on bail. That should be some sort of violation that gets his bail revoked.

Steve: This should violate his bail and he should immediately be arrested and put behind bars. After all that he where he should be spending the most of his remaining life.

Obviously lied to the Feds when he said he did not know what happened to the monies.

Douglas: He just violated his bond agreement if this is true. If so he needs to be remanded back into custody of the federal corrections department.

Ken: Revoke his bail, give him one last free air trip back to New York. The judge needs to have him held in Attica. If mommy and daddy want to see him let them pay for their travel expenses. Keep him in general population, no special treatment. He’s just kidding the system for all he can.

Kristy: So SBF has lied again, after saying he has less than 100k in his bank acct….LOCK HIM UP!!!!!!!! Where is Maxine Waters on this, NO SWEEPING THIS UNDER THE RUG!

Bob: SBF is from the tribe of Jeffrey Epstein and Bernie Madoff. They’ll protect him no matter what. Even the judge is from the tribe. He’ll get off with 5 years as well as get to keep all the money he stole.

Sohail Choudhury is the Executive Editor of Blitz

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