FTX Hacker Strikes Again – This Time with Style!

Alleged FTX hacker transfers $120 million during Sam Bankman-Fried's high-profile trial Report

FTX hacker transfers $120M during Sam Bankman-Fried trial Report

Picture this: a daring thief, cloaked in anonymity, silently makes their move. They’ve managed to get their hands on a whopping 72,500 Ether (ETH) stolen from the now-defunct FTX exchange. It’s a plot twist worthy of a Hollywood blockbuster.

But wait, there’s more! Just as the trial of FTX founder Sam Bankman-Fried kicks off, the hacker rears their head, executing slick maneuvers in the realm of blockchain. It’s like watching a high-stakes chess match unfold before your eyes.

According to the brilliant minds at Elliptic, these fearless hackers have converted a mind-boggling $120 million worth of ETH into Bitcoin (BTC). It’s like alchemy, but with digital assets. They’ve been using the multichain decentralized exchange called THORSwap to pull off this audacious feat.

But when did this sneaky conversion spree begin, you ask? Just a few days before Bankman-Fried’s trial commenced on October 3rd. Talk about timing! At that point, the converted funds amounted to a cool $87 million, a hefty chunk of the total stolen loot.

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Oh, but this isn’t the first-rinse cycle for our hacker, no sir! In a cunning move back in November 2022, they had already converted 65,000 ETH, worth a casual $100,000, into BTC using the ever-convenient cross-chain bridge known as RenBridge. It’s like watching a magician pull a rabbit out of a hat, only the rabbit is a hefty sum of stolen funds.

Now, here comes the jaw-dropping finale. The remaining 180,000 ETH, untouched and lying dormant, suddenly springs to life in the early hours of September 30th, 2023. By this time, its value had skyrocketed to a staggering $300 million. It’s like the climax of an action movie, with explosions of wealth and excitement.

But all is not rosy for our hackers. Elliptic reveals that they lost a jaw-dropping $94 million in the aftermath of the original heist. Desperate to cover their tracks, they resorted to laundering the ill-gotten gains through decentralized exchanges, cross-chain bridges, and mixers. It’s like a cat-and-mouse game played out in the vast world of blockchain.

Now, let’s talk about the identity of this elusive thief. It’s been almost a year since the hack, and their true identity remains shrouded in mystery. Elliptic suggests three possible suspects: an inside job within FTX itself, the notorious North Korea’s Lazarus Group, or Russia-linked criminal rings. It’s like trying to unmask a hidden villain in a thrilling detective story.

So, dear digital asset investors, brace yourselves for this exhilarating rollercoaster ride. The FTX hacker keeps us on the edge of our seats, pulling off daring moves with each twist and turn. Will they ever be caught, or will they continue to elude justice? Only time will tell.

Are you fascinated by these crypto capers? Have you ever wondered what it’s like to be a digital detective in the world of blockchain? Share your thoughts and theories in the comments below!

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