FTX hacker moves $38M in ETH just days before SBF trial start News ▸ FTX ▸ Ethereum ▸ Bankruptcy
FTX hacker moves $38M in ETH just days before SBF trial start
The FTX attacker transferred a significant portion of the funds via privacy tools like THORChain and RailGun.
1 min read
Updated: Oct. 2, 2023 at 8:58 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
A wallet associated with the hack of the bankrupt FTX exchange moved about $38 million in Ethereum (ETH) since it became active during the weekend, with Sam Bankman-Fried’s trial about to commence.
On-chain data shows that the attacker came to live on Sept. 30 when it first transferred 6,250 ETH, worth $10.46 million, in three transactions through privacy tools like RailGun and THORChain.
Per the Arkham Intelligence dashboard, the attacker continued the transaction trend on Oct. 1, moving about 12,250 ETH in two transactions via THORChain.
Prominent blockchain analytics firm SpotOnChain corroborated all of the fund movement. According to the firm, approximately 7,749 ETH, valued at around $13 million, were transferred through privacy tools THORChain and Railgun. Additionally, the attacker exchanged 2,500 ETH, worth roughly $4.19 million, for 153.4 tBTC at an average price of $27,281 per token.
Cumulatively, the attacker transferred 22,500 ETH, worth $38 million, in seven transactions over the weekend. Meanwhile, these transactions marked the first fund movement from the address since the hacking incident last year.
FTX was exploited for roughly $400 million a day after it declared bankruptcy. The incident had drawn speculations that the hack was an inside job, with the attacker’s identity still unknown almost one year later.
Community worries over FTX attacker holdings
Despite these litanies of transactions, the FTX exploiter wallet still holds digital assets worth $287 million, according to the Arkham Intelligence dashboard. The attacker holds 163,249 units of ETH and 3.9 million USDT, among other assets.
Meanwhile, crypto community members are concerned that the FTX attacker transactions could impede an upward movement of ETH’s price as it would increase the selling pressure in the market. Over the past few days, the asset has recorded significant growth, attracting acquisitions from whales.
CryptoSlate data shows that ETH’s price jumped by 2.5% to $1,722.31 as of press time.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
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.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.