Bankman-Fried violated the terms of house arrest. He withdrew $684,000

Former head of bankrupt FTX exchange Sam Bankman-Fried was released on bail from prison last week. Cryptons believe that he is actively withdrawing money from the company, which he can still reach.

DeFi Analyst BowTiedIguana Claims Sam Bankman-Fried cashed out $684,000 on a crypto exchange registered in the Seychelles. And this, of course, is a violation of the conditions of detention under house arrest, according to which he has no right to spend more than $ 1,000 without the appropriate permission of the court.

After Bankman-Fried was released, his wallet sent all remaining tokens to a newly created Ethereum address. In 3 hours, over 100 new transactions were made to this wallet from different addresses, most of which were related to the bankrupt hedge fund Alameda Research.

In less than 4 hours, 570 ETH worth approximately $684,000 was transferred from this new wallet to the KYC-free exchange and to the Bitcoin network via the Ren Protocol bridge. This project (how convenient!) was financed by Alameda.

The former head of the cryptocurrency exchange was released on $250 million bail on December 22. The money was contributed by his parents. Bankman-Fried will stay at his parents’ house until the trial. The bond has been called “the highest ever” and is backed by a property in Palo Alto, California.

Bankman-Freed is not authorized to participate in any business. Lawyers stressed that the businessman voluntarily agreed to be extradited to the United States and is unlikely to be able to escape now. The judge agreed with the arguments of the defense.

The unfortunate entrepreneur and former billionaire is preparing to plead guilty to defrauding investors and embezzling client funds. The next court session will be held on January 3 in the afternoon. The referee will be Lewis Kaplan. The prosecution expects that at this meeting, Bankman-Fried and declare to the court a guilty plea.

Bankman-Fried faces up to 115 years in prison for everything he did.

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