Sam Bankman-Fried is accused of committing one of the largest frauds in history. Now out on bail, he may be siphoning off what little money his bankrupt empire has left.
Out this morning from Bitcoinist:
A few hours ago, former Alameda Research wallets came to life, as noted by several on-chain analysts. Oddly enough, the transfers of altcoins come just shortly after Bankman-Fried was allowed to make himself comfortable in his parents’ home, equipped with an Internet connection.
The transactions totaled about $200,000.
Whoever moved the money used tools called mixers to mix the coins with other tokens. This makes them harder to trace.
A liquidator put in charge of the Alameda assets by a court would not use a mixer. This points to the transfers being initiated by a hacker, or by SBF himself.
Shockingly, the terms of SBF’s bail don’t stop him from using the internet.
If SBF is in fact looting the last of Alameda’s assets, he’s committing another crime. This would be ample cause to revoke his bail, putting him in jail until his trial ends.
Since the bail is secured by SBF’s parents’ house in Palo Alto, his parents would also lose their home.
Most people would never consider committing fraud while on bail. They’d be worried about going back to jail, not to mention their parents’ losing their home.
But SBF isn’t most people. If he did this, the level of arrogant stupidity is astounding.
What do you think is going on with these mysterious transfers? Leave a comment at the bottom and let me know!
More on markets:
Seeing Through SBF: How One VC Found the Truth
Why Crypto is Still Massively Overvalued
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Photo: FTX CEO Sam Bankman-Fried