FTX Attacker Shifts to Another Network
The FTX attacker, who stole funds and previously used THORChain to convert Ethereum into Bitcoin, has now changed their tactics. They are now swapping the stolen funds through the Threshold network. On-chain analyst Lookonchain reported this shift, revealing that the exploiter swapped over 3,000 ETH for tBTC using the Threshold Network Chain. The Threshold network serves as a decentralized bridge between Bitcoin and Ethereum, allowing users to convert their assets into an ERC-20 token pegged to BTC.
THORSwap Moves Into Maintenance
THORSwap, the privacy tool favored by the FTX attacker, has announced that it is transitioning into maintenance mode. This decision was made to prevent the movement of illicit funds. Consultations with advisors, legal counsel, and law enforcement agencies influenced this move. THORSwap will temporarily restrict all coin-swapping features on its platform while a more permanent solution is implemented to ensure security and integrity. However, users can still borrow and stake assets through the protocol. It’s important to note that THORSwap’s decision does not affect the operations of THORChain, which remains fully operational.
Hot Take: Speculations Surrounding FTX Insider Involvement
As the FTX attacker continues to move stolen funds and ex-FTX founder Sam Bankman-Fried faces trial in New York, speculations have arisen regarding a potential insider involvement in the breach. The timing of these events has led to suspicions that someone with knowledge of FTX’s internal workings may be connected to the attack. This speculation adds another layer of intrigue to the ongoing investigation and highlights the need for robust security measures within cryptocurrency platforms.
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