FTX founder reportedly cashes out $684K after being released on bail

FTX founder accused of violating house arrest with $684,000 crypto cash out...

A strict house arrest         SBF under fire         Terms violated? Is Sam Bankman-Fried, the founder of FTX, breaking the terms of his house arrest? That's the question on everyone's minds after an on-chain investigation revealed that SBF has allegedly cashed out a whopping $684,000 from a crypto exchange in Seychelles. According to decentralized finance (DeFi) analyst BowTiedIguana, SBF has been moving funds from obfuscated wallets to centralized exchanges in Seychelles, raising suspicions that he may have violated release conditions that prohibit him from spending more than $1,000 without permission from the court. But not everyone is convinced that these transactions constitute a violation of SBF's bail terms. Some industry insiders argue that these funds were SBF's assets to begin with and therefore don't qualify as "spending." The alleged transactions come just a week after SBF was released on bail with a $250 million bond secured by his parents' equity in their home. At the time, SBF claimed to have only $100,000 left in his bank account following the collapse of FTX. Regardless of the outcome, this controversy only adds to the already tumultuous saga surrounding FTX and its founder. Read the full story here on Cointelegraph. Stay up to date on all the most exciting developments in the world of cryptocurrency. Leverage the same AI technology that Cointelegraph's journalists use to surface the latest news with the NewsQuakes™ indicator that's only available on Markets Pro — learn more. Regards, Russell DeCorte Director Markets Pro © 2022 COINTELEGRAPH MARKETS PRO COINFIDENTIAL. Copyright © 2023 Cointelegraph Markets Pro, All rights reserved. You are receiving this email because you opted in at our website. Our mailing address is: Cointelegraph Markets Pro 21 W 46th St New York, NY 10036-4119 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.