FTX hacker moves $120M amid Sam Bankman-Fried trial: Report


Anonymous hackers of the now-defunct alternate FTX have been transferring massive quantities of belongings stolen from the platform, with new transactions occurring simply because the trial of FTX founder Sam Bankman-Fried will get underway.

As a lot as 72,500 Ether (ETH) of stolen belongings from FTX has woke up for the primary time because the exchange was hacked in November 2022, the blockchain analytics agency Elliptic reported on Oct. 12.

According to Elliptic, the thief has transformed $120 million price of ETH into Bitcoin (BTC) by way of the multichain decentralized alternate (DEX) THORSwap since Sept. 30, 2023.

The first changing transactions have been made only a few days earlier than Bankman-Fried’s trial began on Oct. 3. At the time of the hack, the transformed quantity was price $87 million, or 18% of the whole stolen funds of $477 million.

The FTX hacker utilized an identical laundering method to the one deployed in November 2022, when the hacker transferred 65,000 ETH ($100 million) to BTC utilizing the cross-chain bridge RenBridge.

“The 180,000 ETH that was not converted to Bitcoin through RenBridge remained dormant until the early hours of Sep. 30, 2023 — by which time it was worth $300 million,” Elliptic wrote within the new report.

Daily variety of transactions involving FTX stolen belongings. Source: Elliptic

Elliptic talked about that the FTX hacker misplaced $94 million within the days following the hack because the attacker rushed to launder the funds by way of decentralized exchanges, cross-chain bridges and mixers.

Related: FTX hacker could be using SBF trial as a smokescreen: CertiK

Almost a 12 months after the hack, the id of the FTX thief continues to be unknown, Elliptic famous. The blockchain analytics agency urged three prospects for who could possibly be behind the FTX theft: an FTX inside job, North Korea’s Lazarus Group and Russia-linked legal teams.

“Some FTX employees would have had access to the business’s crypto assets in order to move them for operational reasons. In the chaos surrounding the company’s bankruptcy and collapse, it may have been possible for an internal actor to take these assets,” the Elliptic’s report reads.

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