The hackers responsible for the FTX breach have once again been on the move, transferring a significant amount of Ethereum (ETH) and exchanging it for Bitcoin (BTC) through THORChain. It marks the latest in a series of crypto transfers conducted by the hackers since September 30th, with their operations showing no signs of slowing down.
According to on-chain analyst EmberCN, the FTX hackers recently moved a staggering 15,000 ETH, equivalent to approximately $24.75 million. They swiftly converted it into BTC through the cross-chain functionality offered by THORChain. This move follows a pattern observed in their recent activities, where they have been consistently transferring and converting Ethereum into other cryptocurrencies.
To put this ongoing heist into perspective, it has been revealed that a total of 60,000 ETH, worth an estimated $99 million, has been funneled out of the compromised FTX exchange through four distinct addresses. These funds have been systematically siphoned since September 30th, leaving many within the crypto community astonished at the audacity of the hackers.
As of the latest update, the FTX hackers currently maintain control over a substantial stash of 125,735 ETH, distributed across nine separate addresses on the Ethereum network. The sheer scale of their holdings raises concerns about the potential impact on the market, as such a large volume of assets remains in the hands of criminals.
A detailed breakdown of the 60,000 ETH revealed that 56,000 ETH had been seamlessly exchanged for Bitcoin using the THORChain cross-chain solution. Additionally, 2,500 ETH was converted into 153.4 tBTC before being bridged back to the Bitcoin network through the Threshold Network. Finally, 1,500 ETH was stealthily transferred via the privacy-focused network known as RAILGUN. These technical maneuvers further obscured the illicit transactions carried out by the hackers.
Historical Timeline Of FTX Hack
The FTX hackers have been identified as the culprits behind a complex series of cryptocurrency thefts that began to unfold on November 21st, 2022. During this initial operation, the hackers distributed a total of 185,735 ETH, valued at an astounding $308 million, across 13 different wallet addresses. Subsequently, they maintained a dormant state for ten months before resuming their activities on September 30th, 2023.
Since their resurgence, the FTX hackers have succeeded in transferring and liquidating the stolen ETH from these addresses. Despite the actions taken by authorities and the security community to thwart these hackers, the recent series of transactions suggests that they are far from finished with their activities.
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