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Sam Bankman-Fried Transferred $684,000 to New Crypto Exchange, While Under Arrest

Fri, 12/30/2022 - 10:30
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Arman Shirinyan
SBF is actively moving his holdings despite being under arrest
Sam Bankman-Fried Transferred $684,000 to New Crypto Exchange, While Under Arrest
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The CEO of the failed FTX cryptocurrency exchange is moving funds from his personal wallets to various cryptocurrency exchange platforms, and his previous post was confirmation of wallet ownership, which leads us to an unpleasant conclusion: SBF might be getting ready for a run.

In August 2020, SBF agreed to take over control of the Sushiswap exchange from Chef Nomi. Some conspiracy theorists assumed that SBF himself was the co-founder of Sushiswap. The same wallet used for receiving ownership has been used recently to transfer funds. 

After being released, SBF sent all of its remaining crypto tokens to a new Ethereum address he created hours earlier. In less than three hours, more than 100 deposits were made to numerous addresses that have certain links to SBF's Alameda Research.

Recently, 570 Ethereum worth around $700,000 has been transferred to various destinations, including a no-KYC exchange based in the Seychelles and to the Bitcoin network via the bridge. Such operations have been considered suspicious before as they might hint at an unpleasant fact: SBF is getting ready to run.

Anonymous on-chain sleuths even decided to share the data with prosecutors' lawyers, as SBF's actions right now show that his intentions to work with the prosecution and in the interest of FTX clients might be misleading.

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There is a possibility that SBF and his counterparts are going through the process of liquidation even though actions on the chain do not look like that. It is not yet clear whether his accounts are being controlled by SBF himself or third parties, which would explain the current behavior of the entrepreneur.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.