The anonymous exploiter(s) responsible for the hack of the FTX exchange last November has shown signs of life. An eye-popping 2,500 Ether (ETH)—worth a staggering $4 million—has been moved to new addresses. This comes as FTX’s founder, Sam Bankman-Fried, is days away from facing trial on fraud charges in the U.S.
Exploiter Moves 2,500 ETH
The wallet linked to the FTX exploit began transactions for the first time in nearly a year, according to blockchain analytics firm SpotOnChain. This activity occurred on September 30 during the early hours of a Saturday, potentially maximizing the impact on crypto markets.
The Sophisticated Moves
The 2,500 ETH was split and routed through a series of transactions. Some funds passed through the Thorchain Router and others were moved via the Railgun privacy tool. An additional amount was placed in an intermediate wallet.
Thorchain enables cross-chain swaps without revealing wallet addresses, while Railgun is a privacy wallet that shields transactions.
Despite these movements, around $21 million worth of ETH remains dormant in the original wallet. Speculation is rife about when and if these remaining funds will be used.
The FTX Backstory: From Bankruptcy to Courtrooms
Last November, FTX experienced a massive hack after filing for bankruptcy. The exchange lost $600 million in cryptocurrencies, and its leader Sam Bankman-Fried stepped down. The identity of the attacker(s) remains unknown.
This hacking incident resurfaces just before Bankman-Fried faces trial for fraud charges. Former FTX and Alameda Research executives who have pleaded guilty are expected to testify against him.
After the hack, the stolen funds were moved to different wallets. The 2,500 ETH transferred recently are part of the initial stash. A significant amount of ETH remains untouched in addresses linked to the attacker.
Hot Take: Exploiter Resurfaces with Significant Move
The anonymous exploiter behind the FTX hack has made a significant move, transferring 2,500 ETH worth $4 million to new addresses. This comes as FTX’s founder is about to face trial on fraud charges. The exploit wallet, which had been inactive for almost a year, suddenly became active during the weekend, potentially impacting crypto markets. The sophisticated moves involved splitting and routing the funds through various transactions, utilizing tools like Thorchain and Railgun for privacy and anonymity. Despite this activity, a substantial amount of ETH remains dormant in the original wallet. The hacking incident resurfacing just before Bankman-Fried’s trial adds more complexity to the case. The crypto community eagerly awaits further developments.
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