On April 2, 2024, a development occurred that shook the cryptocurrency markets. According to Spot On Chain’s tracking data, 19 altcoins worth $105.9 million were transferred from FTX and Alameda wallets to 2 intermediary wallets. These transfers caused great concern among cryptocurrency investors. Meanwhile, new developments regarding FTX founder Sam Bankman Fried attracted attention. Here are the details…
Mobility in FTX and Alameda wallets
According to Spot On Chain’s tracking data, 19 altcoins worth $105.9 million were transferred from FTX and Alameda wallets to 2 intermediary wallets on April 2, approximately 14 hours ago. The highlights among these transfers are:
- 3.17 million GT ($31.3 million)
- 3.37 million LEO ($20.4 million)
- 16.9 million VIC ($16.7 million)
- 16 tokens ($37.6 million) including HXRO, KNC, CQT, GF and more
The purpose and motivation behind these transfers remains unclear at this time. Part of the transferred assets, 13 tokens worth approximately $16 million, were deposited on a hitherto unknown CEX (centralized exchange). It is still unknown where the remaining assets were sent and what their final use was.
Latest updates for Sam Bankman-Fried
Meanwhile, cryptokoin.com As we reported, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison. This decision marks an important moment for the cryptocurrency industry and sends a strong message of deterrence against those engaging in fraudulent activities. The sentence comes along with a hefty dose of probation, for a total of 21 years. This means Bankman-Fried will not be completely free even after serving his prison sentence. He will be subject to strict supervision and strict conditions by the U.S. Parole Office.
Bankman-Fried’s downfall stems from a litany of charges, including wire fraud, wire fraud conspiracy, securities fraud conspiracy, commodity fraud conspiracy, and money laundering conspiracy. The court ruled that these charges stemmed from a deliberate scheme to defraud investors and users of the FTX crypto exchange.
SBF faces major restrictions
The 21-year term of supervised release outlines a series of restrictions on Bankman-Fried’s freedom. He/she will be required to attend an outpatient mental health treatment program and diligently comply with prescribed medications. He must also have unrestricted access to his financial information upon request and cannot take out new loans without prior approval. The court also recommended that Bankman-Fried be placed in a medium-security facility or a lower-security institution. This assessment recognizes his lack of prior criminal history and his potential vulnerability in a maximum security prison environment.
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