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FTX Exploiter Converts Additional $25 Million ETH to BTC, Bringing Total to $100 Million

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The FTX exploiter converted $25 million worth of stolen Ethereum (ETH) into Bitcoin (BTC) on Oct. 4. This was done through two separate transactions, one consisting of 5,625 ETH and the other consisting of 9,375 ETH. Spot On Chain’s data confirms these transactions occurred with an approximately eight-hour gap using the THORChain Router bridge protocol to Bitcoin.

The address associated with the exploiter still holds $208.481 in various cryptocurrencies, the majority of which is held in Ethereum.

Increased Activity

The FTX exploiter, who had been dormant for almost 10 months since the hack, suddenly began converting millions of dollars worth of ETH to BTC on Sept. 30. Since then, over $100 million of stolen ETH has been converted to BTC through 12 transactions over the course of six days.

This surge in activity aligns with the beginning of FTX founder Sam Bankman-Fried’s court trial, leading to speculation about a potential insider’s involvement in the hack that took place in January 2023.

The initial transactions on the first day were relatively low, ranging from 1,250 ETH to 2,500 ETH. However, on Oct. 2, a transaction involving 4,500 ETH occurred, followed by multiple transactions each involving 7,500 ETH.

Prior to the Oct. 4 transactions, the exploiter moved 30,000 ETH on Oct. 2 and 3, splitting it into four tranches of 7,500 ETH each. These tokens were also converted to BTC using the THORChain and Railgun protocols.

The Initial Breach

On Nov. 11, 2022, accounts related to both FTX and FTX US were emptied shortly after FTX declared bankruptcy. The hack resulted in over $600 million in ETH being seized.

Following the breach, around 2,500 ETH, valued at over $4 million, were seen moving. The funds were initially split in half and further divided through various operations:

– 700 ETH was transferred using the Thorchain Router.

– 1,200 ETH was channeled through the Railgun privacy tool.

– 550 ETH remained in a transitional wallet.

Additionally, 12,500 ETH (approximately $21 million) was left in the original wallet.

The CEO and Chief Restructuring Officer overseeing FTX’s bankruptcy proceedings reported a total loss of $323 million in varied tokens from FTX’s international exchange. The U.S. platform separately lost $90 million.

The identity of the hacker or hackers remains unknown. Some of the stolen ETH, valued at $27 million at the time of the hack, was exchanged for the stablecoin DAI. Furthermore, a significant amount of ETH (288,000) remains in addresses associated with the hacker, with a large portion being converted to Bitcoin and transferred to unknown addresses.

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