FTX Hacker On the Move Amid Former CEO's Ongoing Court Trials: $36.8M in Ether Transferred
Summary:
A crypto wallet linked to the FTX hacker has recently transferred approximately $36.8 million worth of Ether amid ongoing court trials of former FTX CEO Sam Bankman-Fried (SBF). FTX and FTX U.S. accounts were emptied of $600 million in November 2022, hours after FTX filed for Chapter 11 bankruptcy. After nearly 10 months, the hacker began moving the stolen funds. As of now, a total of 67,500 ETH has been moved from five out of 15 wallets linked to the hacker. SBF's trial on fraud and money laundering charges began on October 3.
In the past 24 hours, a cryptocurrency wallet tied to the culprit behind the FTX security breach relocated an approximate $36.8 million worth of Ether (ETH), intensifying amidst former FTX exchange boss, Sam Bankman-Fried (SBF)'s ongoing legal proceedings. On November 11, 2022, just hours after FTX lodged a Chapter 11 bankruptcy application, accounts associated with FTX and FTX U.S. were depleted of $600 million. During that time, FTX's chief legal advisor, Ryne Miller, reported the cyberattack result of malware to the traders, advising them to steer clear of the FTX site for potential Trojan downloads and that some funds have been recouped.
Following close to 10 months of no activity, the FTX hacker initiated the transfer of the illicit funds, with transactions of 10,250 ETH valued at $17.1 million traced to four addresses within the first two days of October, as evidenced by Spot On Chain's data. From the initial possession of 175,496 ETH ($294 million), the remaining balance of the hacker's holdings currently stands at $196.014 million.
Data from Sept. 30 show that a cumulative of 67,500 ETH has moved from five of the 15 wallets connected to the FTX hacker. Of this total, 64,948 ETH ($108 million) has been routed through Thorchain, and 52 ETH ($84,000) made its way to the Railgun contract. Meanwhile, the remaining balance of 2,500 ETH ($4.19 million) was traded for Bitcoin (tBTC).
SBF's trial in relation to FTX's downfall commenced on Oct. 3. The business tycoon rebutted all seven charges, including fraud and money laundering. On the second day of the hearing, the Department of Justice (DOJ) highlighted SBF's alleged manipulation of investors on the platform, while SBF's defense countered that he is a youthful businessperson who made unfruitful business decisions. Stay tuned for further updates about the unfolding of the SBF-FTX trials. Also, refer to our magazine feature on the Bitcoin revolution in Cuba for context.
Published At
10/5/2023 9:35:45 AM
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