Funds Moved During SBF’s Court Appearance
A recent report from blockchain analytics firm Elliptic suggests that a Russian-linked entity may be responsible for the high-profile hack of cryptocurrency exchange FTX. The investigation into the theft of $477 million in various cryptocurrencies has led to this revelation.
Elliptic’s findings cast doubt on initial suspicions that FTX founder Sam Bankman-Fried was involved in the theft. The report shows that $15 million of the stolen assets were moved while Bankman-Fried was in a Manhattan courtroom without internet access, making it unlikely that he was responsible for the transaction.
The analysis by Elliptic also indicates that a significant portion of the stolen funds has been converted to Bitcoin and mixed with funds from Russia-linked criminal groups. This suggests the involvement of a broker or intermediary with connections to Russia.
Breaking the Blockchain Trail
The hacker behind the FTX hack used various methods to hide the trail of stolen funds. For example, 65,000 ETH were converted to Bitcoin through RenBridge, a service owned by Alameda Research. Additionally, 72,500 ETH valued at $120 million were converted to Bitcoin using THORSwap, which has since suspended its interface due to money laundering concerns.
Hot Take: Russian-Linked Entity Suspected in FTX Hack
Blockchain analytics firm Elliptic’s report points to a potential Russian-linked entity as the culprit behind the FTX hack. The analysis shows that a significant portion of the stolen funds has been mixed with funds from Russia-linked criminal groups. This suggests the involvement of an intermediary with connections to Russia. These findings cast doubt on initial suspicions against FTX founder Sam Bankman-Fried, as $15 million of the stolen assets were moved while he was in a Manhattan courtroom without internet access. The investigation into the FTX hack continues as authorities work to trace and recover the stolen funds.
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