FTX attacker has been forced to change their tactics of converting their illicit Ethereum holdings into Bitcoin. This move was in response to THORChain-based THORSwap’s decision to transition into maintenance mode.

On Oct. 6, on-chain analyst Lookonchain reported that the FTX exploiter was no longer moving the stolen funds via THORChain.

FTX Attacker Shifts to Another Network

Instead, the attacker was swapping the stolen funds via the Threshold network. A screenshot from the analyst showed that the exploiter swapped more than 3,000 ETH for tBTC through the Threshold Network Chain.

FTX Attacker Transactions
FTX Attacker Transactions. (Source: Lookonchain)

According to tBTC’s official website, the protocol serves as a decentralized bridge between Bitcoin and Ethereum. It facilitates the conversion of users’ assets into an ERC-20 token fixed at a 1:1 peg to BTC.

This bridge eliminates the need for centralized intermediaries by employing a randomly selected cohort of node operators within the Threshold Network.

This approach enhances the security of users’ assets and maintains a robust defense mechanism.

Go to Source to See Full Article
Author: Oluwapelumi Adejumo

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