The individual behind the 2022 attack on FTX has altered their strategy for laundering their stolen Ethereum into Bitcoin.

On-chain analyst Lookonchain noticed on Oct. 6 that the person behind last year’s FTX hack had stopped using THORChain for moving their stolen assets and had begun to exploit the Threshold Network instead.

Lookonchain’s data indicated that the attacker converted over 3,000 Ether (ETH), valued at $4.9 million, into tBTC via the Threshold network. Since then, per Lookonchain, the attacker has successfully converted about 75,636 ETH, valued at $124 million, into Bitcoin, while another 109,485 ETH, valued at approximately $180 million, remains in their wallet.

Threshold is a decentralized conduit between the Bitcoin (BTC) and Ethereum blockchains that allows users to convert their holdings into an ERC-20 token, tBTC, pegged 1:1 with Bitcoin.

According to reports, the attacker had previously preferred THORSwap, but it entered maintenance mode on Oct. 6 in order to stop any additional potential illegal activities.

The decision reportedly came after extensi

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Author: Julius Mutunkei

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