FTX Hacker Moves $8 Mllion in Stolen Funds for the First Time in 10 Months

2023-10-01 08:24:15

As FTX faced its dramatic collapse, a mysterious hacker absconded with hundreds of millions of dollars. 10 months later, on-chain data unveiled some fresh activity within the wallet of the alleged perpetrator.

The identity of the individual responsible and the precise technique employed in the multi-million dollar hack continued to remain shrouded in mystery before the sudden transfers.

According to data from Arkham Intelligence, the FTX Hacker holding more than $300 million of assets was moved for the first time in 10 months. The address continues to hold 12.5K ETH.
A total of $8 million was observed to have been transferred via RailGun privacy wallet and Thorchain on September 30th.
Arkham’s data disclosed two transactions in which the hacker transferred 2,500 ETH, with each batch having a value of $4 million.
The FTX breach occurred on November 11, 2022, shortly after FTX filed for bankruptcy while its founder Sam Bankman-Fried stepped down from his position.
During this incident, an unknown attacker(s) managed to siphon more than $600 million worth of Ether, which briefly made it the 35th largest holder of the altcoin.
Initially, the hacker initially deposited the stolen funds to CoinMixer – which is an anonymous Bitcoin mixing service designed to make on-chain Bitcoin transfers harder to track.
In a bid to further obscure the trail of funds, numerous swaps and bridge transfers were opted by the entity.
Following the incident, prominent on-chain sleuth ZackXBT also speculated that the hacker had likely transferred those funds to crypto exchange OKX after withdrawing from the mixer.

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