The 72,000 ETH stolen from FTX last year has woken up for the first time since the hack, with transactions coming just amid SBF’s trial.
Blockchain analytics firm Elliptic didn’t rule out the possibility of the $477 million hack being an FTX inside job.Anonymous hackers of the now-defunct exchange FTX have been moving large amounts of assets stolen from the platform, with new transactions occurring just as theThe first converting transactions were made just a few days before Bankman-Fried’s trial started on Oct. 3.
The FTX hacker applied a similar laundering technique to the one deployed in November 2022, when the hacker transferred 65,000 ETH to BTC using the cross-chain bridge RenBridge. “The 180,000 ETH that was not converted to Bitcoin through RenBridge remained dormant until the early hours of Sep. 30, 2023 — by which time it was worth $300 million,” Elliptic wrote in the new report.Elliptic mentioned that the FTX hacker lost $94 million in the days following the hack as the attacker rushed to launder the funds through decentralized exchanges, cross-chain bridges and mixers.Almost a year after the hack, the identity of the FTX thief is still unknown, Elliptic noted.
“Some FTX employees would have had access to the business’s crypto assets in order to move them for operational reasons. In the chaos surrounding the company’s bankruptcy and collapse, it may have been possible for an internal actor to take these assets,” the Elliptic’s report reads.
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