According to latest reports, federal prosecutors are investigating a string of cryptocurrency transactions that online analysts have linked to digital wallets associated with crypto tycoon Sam Bankman-Fried. The amount of these funds has been estimated to be more than a million dollars by data tracker Arkham Intelligence. However, SBF has previously claimed to have only $100,000 remaining in his bank account.

SBF’s Crypto Wallets Under Scrutiny

Over the past few days, blockchain analysts have been tracking the movement of funds that appear to be tied to digital wallets associated with the former chief executive of the FTX exchange and his defunct hedge fund Alameda Research.

Read More: FTX Founder SBF Single-Handedly Funded $760,000 To This Political Organization

Bankman-Fried denied the charges and stated that he was not the one conducting these transactions in a tweet that he sent out on Friday.

None of these are me. I’m not and couldn’t be moving any of those funds; I don’t have access to them anymore.https://t.co/5Gkin30Ny5

Trending Stories

— SBF (@SBF_FTX) December 30, 2022

The cryptocurrency community, on the other hand, continues to hold the belief that SBF is fabricating facts. They also suspect that the FTX founder cashed out over $684,000 to a cryptocurrency exchange in Seychelles while being under house arrest in the United States.

Did disgraced crypto founder Sam Bankman-Fried just cash out $684k to a crypto exchange in the Seychelles while under house arrest?

His release conditions are that he not spend more than $1,000 without permission from the court.

Let’s examine the evidence on chain 👇

— BowTiedIguana (@BowTiedIguana) December 30, 2022

The FTX Saga

Earlier this month, criminal charges were brought against Bankman-Fried for his role in the failure of FTX. Now, prosecutors from the Southern District of New York are attempting to determine the mysterious transactions which recently took place; and whether or not Bankman-Fried is just redistributing his own assets or cashing them out without consent if he is the one behind these transactions.

Bankman-Fried, also known by his initials SBF, was granted bail of $250 million and released a week ago. The FTX founder is restricted from making financial transactions worth more than $1,000 without first receiving approval from the authorities or a judge, with the exception of paying for fees or legal costs. Whether he has disregarded those conditions is uncertain at this time.

On the other hand, as reported on CoinGape recently, SBF has agreed to plead not guilty to the criminal allegations at a Manhattan federal court on January 3, 2023, before the U.S. District Judge Lewis Kaplan.

Also Read: Will Crypto Face Another Crash Due To Massive Sell Pressure? Data Suggests So

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.