FTX hacker is now one of the largest ETH holders News ▸ US ▸ FTX ▸ Ethereum ▸ Bear Market
FTX hacker is now one of the largest ETH holders
The hacker exchanged around 3.9 million BSC-USD for 5,564.83 Ethereum via the Celer Network and cBridge and Stargate Finance.
1 min read
Updated: Nov. 16, 2022 at 6:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The hacker who used an exploit to steal funds from the now-bankrupt FTX has emerged as the 35th-largest owner of Ethereum, with a total of 228,523 ETH worth $284.82 million.
The FTX exploiter, who has been dumping all other drained assets for ETH, is now one of the largest holders in the world, with 228,523 ETH ($284.82m) currently in their wallet.
Everyone should keep an extremely close eye on what happens next… pic.twitter.com/SAP3UkyVaa
— Dylan LeClair 🟠 (@DylanLeClair_) November 15, 2022
Popular cryptocurrency security firm PeckShield revealed that the hacker converted the stolen funds into different transactions.
The firm disclosed that the hacker swapped about 7,420 BNB on BSC for 1,500 ETH, converting $48 million in DAI to 37,000 ETH. Further, the exploiter separately traded 3,500 BNB for 962,071.43 BSC USD, 3,500 BNB for 958,560.13 BSC-USD, and 15,000 BNB for 3,899,020.38 BSC-USD.
Additionally, the exploiter bridged about 3.9 million swapped BSC-USD to Ethereum using the Celer Network, then to cBridge and Stargate Finance. The hacker changed them for 5.564.83 ETH.
The attack
During the attack, the hacker stole $400 million from FTX wallets. Worth noting that the attack occurred on the same day FTX filed for bankruptcy protection.
In addition, the attacker swapped the stolen funds using numerous decentralized exchanges (DEX). These DEX include CowSwap, UniSwap, and 1inch. However, forensic research from Arkham discovered that the hacker lost a massive amount of the stolen funds while attempting to move them through different chains. The attacker tried to conceal their traces by transferring the assets to other chains.
Hacker’s identity
In a recent development, Kraken CSO Nick Percoco, disclosed that the hacker’s identity is no longer hidden. In a tweet, Percoco claimed that the Kraken team knows the perpetrator of the attack on FTX.
The tweet came in response to a post by IBC Group CEO Mario Nawfal stating that the hacker was an inexperienced insider.
Kraken is working with law agencies to unravel the hacker’s identity after reports surfaced that the hacker used the cryptocurrency exchange to move the stolen funds.
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Author 
Soumen Datta
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
FTX Token
$2.94221
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Dylan LeClair is the head of market research at Bitcoin Magazine and a senior research analyst at UTXO Management..
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.