Analysis

Did Sam Bankman-Fried Secretly Money Out $1.5M?

Key Takeaways

  • Sam Bankman-Fried could have despatched over $1.48 million value of crypto to varied exchanges to money out the funds.
  • One among his publicly-known wallets, together with quite a few recognized Alameda wallets, consolidated funds collectively after which proceeded to ramp them off by means of three centralized exchanges, in addition to Ren.
  • It appears unlikely for legislation enforcement to be accountable for these wallets.

Sam Bankman-Fried insisted he solely had $100,000 left in his checking account, however he by no means talked about his wallets! The crypto villain could have cashed out as a lot as $1.48 million.

Suspicious On-Chain Exercise

Sam Bankman-Fried could have cashed out a big sum from his on-chain wallets—$1.48 million, by Crypto Briefing’s calculation.

As famous by DeFi analyst BowTiedIguana, on-chain knowledge exhibits that on December 27 a pockets related to Bankman-Fried despatched 0.66 ETH to a newly created Ethereum pockets beginning in 0x7386. We all know the unique pockets belonged to SBF as a result of he’d tweeted it out in September 2020.

The 0x7386 pockets obtained a complete of 569.95 ETH from dozens of wallets in additional than 100 transactions throughout the house of 5 hours. A few of these wallets are tagged on Etherscan as belonging to Alameda Analysis.

It then proceeded to ship 519.95 ETH to a pockets beginning in 0x64e9. This pockets was additionally newly created, nevertheless it already held 800,000 USDT earlier than the ETH transaction. The earlier 800,000 USDT had been despatched to 4 completely different addresses, all of which then consolidated the USDT into one pockets beginning in 0x4e5b. In keeping with Etherscan, that pockets belongs to centralized trade FixedFloat. 

In the meantime, 0x64e9 proceeded to swap most of its 519.95 ETH for USDT. 200,000 USDT was swapped once more for 10.33 renBTC. The funds had been then bridged to Ren, which supplies full transaction privateness. 

One other 200,000 USDT was despatched to 3 completely different wallets and consolidated as soon as once more in a pockets beginning with 0xbb3fd, which Nansen flags as belonging to Binance. 

Lastly, the 310.85 ETH remaining had been despatched throughout eight completely different wallets and consolidated as soon as once more, this time on a pockets beginning in 0x077d, which Etherscan labels as belonging to crypto trade ChangeNOW. The remaining 50 ETH from the unique 0x7386 handle had been additionally despatched to this pockets, after a short hop by means of a burner pockets.

Including all of those up, it looks as if whoever controls these wallets cashed out roughly $1,480,500 in cryptocurrencies.

Was it essentially Bankman-Fried? No. Another person may’ve found these SBF-linked wallets’ personal keys, particularly since chapter filings appear to point the FTX group wasn’t significantly cautious with safety. Alternatively, it seems unlikely that the funds had been moved on behest of legislation enforcement, for the reason that pockets exercise signifies the proprietor was conscious of utilizing comparatively censorship-resistant strategies to money out.

Disclaimer: On the time of writing, the writer of this piece owned BTC, ETH, and a number of other different crypto property.

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