1 year ago
The FTX exploiter converted different $25 cardinal worthy of stolen Ethereum (ETH) to Bitcoin (BTC) connected Oct. 4 implicit 2 transactions amounting to 5,625 ETH and 9,375 ETH, respectively, based connected Spot On Chain’s data.
The transactions occurred with a spread of astir 8 hours, with the tokens converted to BTC done THORChain Router — a span protocol to Bitcoin.
The code successful question inactive holds $208.481 successful assorted cryptocurrencies, with much than 95% held successful Ethereum.
No longer dormant
The FTX exploiter, who had been astir wholly dormant astir the entirety of the 10 months since the hack took place, abruptly began converting millions of dollars worthy of ETH to BTC connected Sept. 30.
Since then, the hacker has converted implicit $100 cardinal of the stolen ETH token to BTC implicit 12 transactions divided implicit six days.
The timing of these important money movements coincides with the opening of FTX laminitis Sam Bankman-Fried’s tribunal trial, stirring speculation astir a imaginable insider’s relation successful the monolithic hack that transpired successful January 2023.
The archetypal transaction amounts connected the archetypal time were kept comparatively low, ranging from a debased of 1,250 ETH to 2,500 ETH. However, connected Oct. 2, the exploiter executed a transaction amounting to 4,500 ETH. Following that, astir of the transaction amounts grew to 7,500 each.
Before the Oct. 4 transactions, the exploiter moved 30,000 ETH connected Oct. 2 and 3 successful 4 tranches of 7,500 ETH each. The tokens were converted to BTC done THORChain and Railgun.
The Initial Breach
On Nov. 11, 2022, accounts related to some FTX and FTX US were emptied conscionable hours aft FTX declared bankruptcy. The lawsuit occurred soon aft the company’s founder, SBF, announced his departure from the planetary crypto empire.
At the clip of the hack, the attacker seized implicit $600 cardinal successful ETH.
Following the breach, astir 2,500 ETH, valued astatine a small implicit $4 million, were seen moving. The funds were initially divided successful fractional and further divided successful consequent operations:
- 700 ETH was transferred utilizing the Thorchain Router.
- 1,200 ETH was channeled done the Railgun privateness tool, which shields transaction details.
- 550 ETH was near successful a transitional wallet.
- Additionally, 12,500 ETH, estimated to beryllium worthy astir $21 million, remained successful the originating wallet.
John J. Ray III, who took complaint arsenic the CEO and Chief Restructuring Officer overseeing FTX’s bankruptcy proceedings, aboriginal reported that the hack resulted successful a nonaccomplishment of $323 cardinal successful varied tokens from FTX’s planetary exchange. The U.S. level separately mislaid $90 million.
The individuality of the hacker — oregon hackers — remains a mystery. Some 21,500 ETH, valued astatine $27 cardinal during the incident, was exchanged for the stablecoin DAI soon aft the intrusion.
Additionally, 288,000 ETH continued to beryllium held successful addresses linked with the hacker — a immense chunk of it present converted to Bitcoin and moved to chartless addresses.
The station FTX exploiter converts different $25M worthy of ETH to BTC, full up to $100M appeared archetypal connected CryptoSlate.
English (US) 