Blockchain surveillance firm Elliptic now says there’s a “stronger possibility” that fallen crypto exchange FTX’s mysterious hacker was a Russian-linked entity.

For starters, the fact that funds moved while FTX founder Sam Bankman-Fried was in a Manhattan courtroom casts doubt on the hypothesis that he stole the money.

“At 3:41pm EST on October 4th 2023, $15 million of the stolen crypto was moved—at which time Bankman-Fried was reportedly in court, without internet access,” Elliptic wrote in a blog post.

On Thursday the company provided a timeline detailing the on-chain movements of the hacker’s stolen funds. Since the hack took place, much of the proceeds were bridged to Bitcoin and run through ChipMixer—an unlicensed Bitcoin privacy mixer shuttered by the Justice Department earlier this year.

“Of the stolen assets that can be traced through ChipMixer, significant amounts are combined with funds from Russia-linked criminal groups, including ransomware gangs and darknet markets, before being sent to exchanges,” wrote Elliptic. “This points to the involvement of a broker or other intermediary with a nexus in Russia.”

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Author: Andrew Throuvalas

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