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According to blockchain data, the bad actor who hacked cryptocurrency FTX in the middle of its collapse has abruptly started moving millions worth of stolen crypto assets early on Saturday. 

FTX was hacked in November 2022, hours after it declared bankruptcy, and founder Sam Bankman-Fried stepped down from his position as CEO. 

Stolen ETH Linked To FTX On The Move 

According to data from blockchain intelligence platform Arkham, the hacker, who holds around $300 million in crypto assets, has moved considerable quantities of ETH stolen during the FTX hack in 2022. This marks the first time the assets have been on the move since they were stolen. Arkham stated that around $8 million worth of ETH was moved using the smart contract system RailGun (RAIL) and then through the decentralized exchange protocol ThorChain (RUNE). 

According to data from Arkham, the wallet known as “FTX Exploiter” holds around $1.7 million worth of DAI (DAI), $3.97 million worth of Tether (USDT), $30,000 worth of USDC, and around $43,000 worth of Binance Coin (BNB). The wallet also held around $42,000 worth of Bitcoin (BTC) and $8500 worth of Wrapped Bitcoin (wBTC). 

The ETH wallets, moving for the first time in nearly a year, were split into two and then further in subsequent transactions. The hacker transferred around 700 ETH using the ThorChain Router, while a further 1200 ETH were being moved through RailGun, and another 550 ETH were held in an intermediate wallet. 

Railgun is a privacy wallet that allows users to store tokens and funds for decentralized financial services such as lending and borrowing. The transactions are shielded, meaning the funds’ exact use is unknown to those not party to the transactions. ThorChain, on the other hand, is a bridge that enables users to swap tokens between different blockchains. The original wallet still holds around 12,500 ETH, worth $21 million. 

The FTX Hack 

The FTX hack occurred on the 11th of November, 2022, when accounts linked to FTX and FTX US were drained. The hack occurred just hours after the cryptocurrency exchange filed for bankruptcy and founder Sam Bankman-Fried resigned from his crypt

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Author: Amara Khatri

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