Update Dec 30, 2022 (20:00UTC): Former FTX CEO Sam Bankman-Fried has recently tweeted that the outflow of funds from his supposed accounts is not in-fact him at all.
The Securities Commission of Bahamas (SCB) awaits court orders to release $3.5B FTX funds to its customers. While SBF reportedly withdraws over $684K.
The FTX saga takes a new turn with a press release from the Securities and Commission of Bahamas (SCB) stating that they control over $3.5 billion FTX funds. Meanwhile, Sam Bankman-Fried withdraws funds from the Alameda accounts, trying to leave no trail behind.
Bahamas Regulators Await Court Orders for the Seized $3.5B FTX Funds
The SCB revealed that they took control of FTX’s assets on Nov. 12 due to a “significant risk of imminent dissipation” shortly after the firm filed for bankruptcy. The assets were valued at over $3.5 billion based on market pricing when the SCB took control.
The SCB further states that the funds are exclusively under their control. The Commission awaits orders from The Bahamas Supreme Court to direct the funds to those who own them, i.e., customers and creditors of FTX. A big relief for the FTX customers?
SBF Withdraws $684K
According to an analyst with a Twitter username- BowTiedIguana, SBF has cashed out $684K through a crypto exchange in Seychelles. The analyst discovered an old tweet of SBF from Sep. 2020, when he took control of the Sushiswap exchange. SBF shared his address, starting with 0xD575, with the founder of Sushiswap.
Shortly after Sam Bankman-Fried got out of prison on bail, he transferred some 0.6659 Ether from 0xD575 to a new account, starting with 0x7386. Though the amount was not significant, it is worth noting that the destination address has been receiving funds from Alameda accounts. In fact, upon the creation of this wallet, the first transaction it received was from Alameda Research.
BowTiedIguana reports that 570 ETH worth approximately $684,000 was transferred from this new wallet to various destinations.
0x7386 has made multiple transactions to another fresh wallet, 0x64e9. This wallet has also received over $1 million from Alameda Research accounts. These accounts’ controller transfers funds to other accounts and eventually uses ChangeNOW and FixedFloat to withdraw funds secretly.
An SEC complaint further reveals that the disgraced founder ran a fake electronic store website, North Dimension, as an Alameda subsidiary. The complaint alleges that “Bankman-Fried directed FTX to have customers send funds to North Dimension in an effort to hide the fact that the funds were being sent to an account controlled by Alameda.”
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