Sam Bankman-Fried Cashes Out $684k Worth of Crypto – Is This Hinting At Escape Plan?

The post Sam Bankman-Fried Cashes Out $684k Worth of Crypto – Is This Hinting At Escape Plan? appeared first on Coinpedia Fintech News

Sam Bankman-Fried, a co-founder and former CEO of FTX, was arrested in the Bahamas on December 21. He was eventually released on a $250 million bond. Following his posting of a bond, SBF has been enjoying a comfortable and opulent lifestyle with his parents. Even while this is no match for his previous lifestyle, the crypto community on Twitter has questioned the luxuries he is affording, especially after seeing one of the biggest crypto meltdowns in history.

As per court orders, SBF is currently being monitored and required to wear an ankle monitor to track his activities. He is not permitted to leave his residence. He is not permitted to carry a firearm or make any transaction worth more than $1,000, and his passport has been seized.

SBF Reportedly Cashes Out $684k After Being Released On Bail

After being released on bail, Sam Bankman-Fried is reportedly cashing out large amounts of cryptocurrency. According to the on-chain inquiry by DeFi instructor BowTiedIguana, SBF cashed out $684,000 in cryptocurrency to exchange in Seychelles while he was under house arrest.

On December 29, BowTiedIguana reported on Twitter about a series of wallet transactions that were allegedly connected to SBF, implying that the former FTX CEO may have violated release conditions that prohibited him from spending more than $1,000 without a court order.

SBF’s public address (0xD5758), according to BowTiedIguana’s study, transmitted all of the remaining Ether to a newly established address(0x7386d). It was also stated that SBF took over the premises previously occupied by Sushiswap inventor Chef Nomi in August 2020.

Has SBF Violated Bail Conditions?

BowTiedIguana announced that he had called attorneys from the US Securities and Exchange Commission to check into the situation. Whether or not the transactions are connected to SBF, some industry enthusiasts argue that the creator of FTX may not have broken the terms of his bail release.

One observer speculated that SBF’s action might not qualify as spending money since those are already his assets. 

Additionally, it was speculated that SBF was actually Chef Nomi, the unnamed co-founder of Sushiswap. SBF, however, had asserted in September 2020 that he was not involved in the building of Sushiswap.

What does the future hold for FTX and SBF?

There is no concrete proof that SBF has cashed out such a sizable amount of cryptocurrency. Even if he has, SBF does not appear to have violated the bail’s conditions. However, the lawsuit against SBF and FTX for the largest cryptocurrency crash in history is still ongoing. SBF faces eight charges and may spend 115 years in prison, but there is “a lot to play out” before he receives a final sentence in the next months or perhaps years.