The outbound transactions detected from the wallets owned by Alameda Research triggered concerns by the crypto community over its timing shortly after Bankman-Fried’s release on bail. The surprising event noted by the crypto enthusiasts involved the detection of funds transfer in wallets linked with Alameda Research shortly after the embattled Bankman-Fried earned his release following the $250 million bond.
Outbound Transactions Raises Curiosity of Exploit
The outbound transactions drew curiosity over the nature of the transfer. In particular, scrutiny of the Alameda wallet showed multiple ERC-20s swapping for Ether (ETH) and Tether (USDT). The scrutiny indicated that the party initiating the swap would later funnel the USDT and ETH via crypto mixers and exchangers that execute instant transactions.
The crypto community expressed concern with a wallet address identifying with 0x64e9 for receiving 600 ETH traced to the Alameda wallet. Further analysis revealed that the perpetrator swapped the proceeds to USD and remitted the rest to ChangeNow.
Intense Swapping of Funds via Decentralized Exchange
The assessment conducted by ZachXBT showed the swapping of the funds held in Alameda’s wallet to Bitcoin. The on-chain analyst indicated that swapping occurred via decentralized exchange platforms, including ChangeNow and FixedFloat. The community acknowledged the platforms are often channels relied upon by exploiters and hackers to conceal their transaction trail.
The sudden restoration of activity within the Alameda Research wallets portrays attempts to initiate funds transfer to empty the remaining funds. The replication of exploiter-like conduct in executing the transfer raises the curiosity of potential insider activities considering the alleged Bankman-Fried’s criminal conduct.
Bailout Terms Questioned
The concerns expressed by the crypto community revolve around the terms stipulated in the bond granted to Bankman-Fried. The crypto users wondered why the accused was granted access to computers and the internet.
The lack of clarity on access to computers and the internet fuels speculation that the former FTX chief executive is funneling money from Alameda’s wallets.
The community speculates on the mysterious fund movements shortly after Bankman’s bail as they mirror the $352 million exploit after the November 11 bankruptcy filing by FTX.
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