FTX Cybercriminal Transfers Additional 7,500 ETH, Increasing Total to 22,500 Units

FTX Hacker Continues to Move Stolen Ethereum (ETH)

The FTX hacker has recently transferred a total of 22,500 Ethereum (ETH) over the past two days, according to blockchain analytics service provider Lookonchain. This includes draining some FTX accounts of 7,500 ETH, worth around $12.62 million at current market prices.

Hacker Utilizes Privacy Tools for ETH Transfers

The hacker employed complex privacy techniques to obfuscate their activity and gain access to the Decentralized Finance (DeFi) application. Multiple transactions were conducted at different times, with 700 ETH transferred through the Thorchain Router and 1,200 ETH passing through the Railgun privacy wallet.

Remaining Funds and Motivations

The rest of the stolen ETH remains in an intermediary wallet, while approximately $21 million worth of ETH is still in the original wallet. It is unclear how these funds are being utilized due to the private nature of the transactions.

The hacker’s actions may be related to the potential launch of an ETH-based Exchange Traded Fund (ETF) in the United States. Additionally, the impending trial of Sam Bankman-Fried, the former CEO of FTX who is suspected to be the hacker, could be a motivating factor for moving the coins.

If Bankman-Fried is indeed the hacker, he may be attempting to clear his stash before facing legal consequences.

Hot Take: FTX Hacker Expands Operations and Motivations

The FTX hacker continues to make significant moves, transferring large amounts of stolen Ethereum. With privacy tools at their disposal, they are able to obfuscate their activities and maintain anonymity. The recent movements coincide with potential developments in the cryptocurrency market, including the launch of an ETH-based ETF and the upcoming trial of a suspected former CEO. These factors suggest that the hacker may be taking advantage of the current landscape to secure their stolen funds or evade legal repercussions. As the situation unfolds, it remains to be seen how authorities will respond and if the hacker will face justice.