According to data from Spot On Chain, the FTX exploiter has converted an additional $25 million worth of stolen Ethereum (ETH) to Bitcoin (BTC) in two transactions on October 4th. The first transaction involved 5,625 ETH being converted to BTC, followed by a second transaction of 9,375 ETH. Both conversions were made through THORChain Router, a bridge protocol to Bitcoin. The address associated with the exploiter still holds a substantial amount of cryptocurrencies, with over 95% of the funds in Ethereum.
The exploiter, who had been dormant for almost the entirety of the past 10 months since the hack occurred, suddenly began converting millions of dollars worth of ETH to BTC on September 30th. Over the span of six days, the hacker has converted over $100 million of the stolen ETH through 12 transactions. These significant fund movements have raised speculation about a potential insider’s involvement in the massive hack that took place in January 2023, as they coincide with the court trial of FTX founder Sam Bankman-Fried. Prior to the October 4th transactions, the exploiter had already moved 30,000 ETH in four tranches, further emphasizing the scale of the ongoing activity.
#FTX #exploiter #ETH #BTC #cryptocurrency #hack #THORChain #SamBankmanFried
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