Home ยป Ether worth millions linked to FTX account drainer is being transferred.

Ether worth millions linked to FTX account drainer is being transferred.

Following the bankruptcy declaration and founder's resignation, FTX was hacked in November 2022.

by V. Sinclair
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FTX, a global crypto empire, experienced a hack in November 2022 shortly after declaring bankruptcy and its founder, Sam Bankman-Fried, stepping down from his role. Recent blockchain data reveals that approximately 2,500 ether (ETH), valued at over $4 million, linked to the FTX exchange exploit, has begun moving again.

The funds were split into two and underwent multiple subsequent transactions, with 700 ETH transferred using the Thorchain Router and about 1,200 ETH moved through the Railgun privacy tool. An additional 550 ETH remains in an intermediate wallet, while 12,500 ETH (worth around $21 million) remains in the original wallet.

Railgun, a privacy wallet, allows users to store tokens and utilize funds for decentralized financial services, while Thorchain acts as a bridge for token swaps between different blockchains without revealing wallet information. The exact purpose of these transactions remains unknown due to their shielded nature.

Following the hack, FTX and FTX US accounts were drained, resulting in the theft of over $600 million worth of ether. The attacker(s) responsible for the exploit were never identified. Some of the stolen funds, equivalent to 21,500 ETH valued at $27 million, were converted into the stablecoin DAI shortly after the attack, while an additional 288,000 ETH remained in addresses associated with the attacker.

The recent movement of funds coincides with the upcoming trial of Sam Bankman-Fried, who faces fraud and conspiracy charges filed by federal prosecutors in December. Bankman-Fried has pleaded not guilty to all charges, although several former FTX and Alameda Research executives have pleaded guilty and are expected to testify against him.

The trial’s timing adds further intrigue to the ongoing saga surrounding FTX’s hack and subsequent events, as the crypto community awaits further developments and potential revelations during the legal proceedings.

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