Roughly $4 Million in Ether Connected to FTX Exploit Moves After One Year
Publicly available blockchain data indicates that approximately 2,500 ether ($4 million) connected to the exploit of FTX during last year’s debacle is now on the move for the first time in almost one year.
The funds have been divided through multiple transactions. 700 ether was transferred using the Thorchain Router, a cross-chain bridge focused on privacy. Additionally, 1,200 ether was transferred through Railgun, a privacy-focused DeFi wallet enabling shielded transactions. Another wallet still holds 550 ether.
It is worth noting that the exploiter still possesses 12,500 ether ($21 million) in their original wallet.
Mystery Surrounding FTX Exploiter’s Identity
The exact details of how the funds were drained from FTX and who was responsible for the exploit remain unknown.
Following the filing for Chapter 11 bankruptcy protection and the resignation of disgraced founder Sam Bankman-Fried, accounts linked to the collapsed exchange and its U.S. affiliate were drained on November 11, 2022.
Shortly after the exploit occurred, around $27 million worth of ether at that time was converted into stablecoin DAI.
Sam Bankman-Fried is set to stand trial next week and has pleaded not guilty to all charges.
Hot Take: FTX Exploit Funds on the Move Again
The movement of approximately $4 million in ether connected to the FTX exploit has captured attention once more. Divided among different wallets and platforms, these funds have remained dormant for nearly a year until now. The identity of those behind the exploit remains a mystery as investigations continue. The exploitation of FTX’s accounts occurred during a tumultuous period for the exchange, with bankruptcy filings and the resignation of its founder. The upcoming trial of Sam Bankman-Fried may shed more light on this complex situation. As the funds make their way through various transactions, the crypto community watches closely to see how this story unfolds.
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