To release $3.5 billion in FTX money to its customers, the Securities Commission of Bahamas (SCB) is awaiting court instructions. SBF is said to have withdrawn over $684K.
A news release from the (SCB) revealing that they are in charge of more than $3.5 billion in FTX money marks a new development in the FTX drama. Sam Bankman-Fried is taking money out of the Alameda accounts while attempting to cover his tracks.
Seized $3.5B FTX Funds Awaiting Court Orders In Bahamas
According to the SCB, they took possession of FTX’s assets on November 12 due to the danger of impending dissolution shortly after the company declared bankruptcy. Before the SCB assumed ownership, the support had a market worth of nearly $3.5 billion.
Additionally, according to the SCB, they are the only ones controlling the funds. To transfer the assets to their rightful owners, clients, FTXs, and creditors, the Commission is awaiting directions from The Bahamas Supreme Court. Consumers of FTX are extremely happy.
SBF has reportedly received $684K through crypto in Seychelles, claims an analyst with the Twitter handle BowTiedIguana. The analyst came upon a previous tweet from SBF dated September 2020, when he took over the Sushiswap exchange. The creator of Sushiswap was given SBF’s address, which begins with 0xD575.
ok uh 0xD57581D9e42E9032e6f60422fA619b4A4574Ba79 https://twitter.com/OTruquet/status/1302489715090755585
SBF transferred a small amount of Ether from one account to another after being released on bail. Alameda Research made the first transaction, sending money to the destination address.
According to BowTiedIguana, 570 ETH worth roughly $684,000 were transferred from this new wallet to several locations.
The 0x64e9 wallet received nearly $1 million from Alameda Research accounts, and the 0x7386 wallet made numerous transfers to it. The controller of these accounts moves the money to other charges and then covertly withdraws it using ChangeNOW and FixedFloat.
According to an SEC complaint, the disgraced founder also operated a phony electronic store website called North Dimension as an Alameda subsidiary.
Related Reading | Alameda Wallets Behavior Raises Questions Following Sam Bankman-Fried Bailout
According to this statement:
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.