FTX Hacker Moves $10 Million Worth of Ethereum as SBF’s Trial Looms

FTX hacker moves $10 million in Ethereum from a wallet associated with the breach, as SBF's trial approaches. The hacker attempted to obfuscate the transactions using privacy tools. The wallet holds over $300 million in cryptocurrencies.

Posted 7 months ago in Security

An image showing a hacker stealing cryptocurrency

Nearly one year after the hack of the bankrupt FTX exchange, on-chain data shows that the attacker moved $10 million in Ethereum from a wallet associated with the breach. On-chain data showed that the hacker executed three transactions of 6,250 ETH, worth more than $10 million, to distinct wallets earlier today. This is the address's first transaction since last year's hack incident.

Prominent blockchain analytical firm Arkham Intelligence said the attacker tried to obfuscate the transaction using privacy tools like RailGun and Thorchain.

While the amount stolen during the hack remains disputed, the wallet boasts an inventory exceeding $300 million in cryptocurrencies. Per the Arkham Intelligence dashboard, the hacker's wallet holds 180,000 units of ETH and 3.9 million USDT, among other digital assets.

When the hack originally occurred, estimates of losses ranged to as high as $400 million. However, FTX claimed that the breach only resulted in losses of $323 million. Meanwhile, the identity of the attacker remains unknown. Crypto community members previously speculated that the disgraced FTX founder, Sam Bankman-Fried (SBF), was behind the attack. However, he has vehemently denied these allegations.

SBF's criminal trial is slated to commence in October, several months after his initial arrest in The Bahamas and subsequent extradition to the United States. The trial is expected to last for six weeks. The trial will begin with jury selection on October 3, followed by the first court hearing on October 4. Bankman-Fried faces seven fraud-related charges, two of which are substantive, and the remaining five are conspiracy charges. The embattled FTX founder has pleaded not guilty to all of the charges.

Despite multiple attempts to secure temporary release, Bankman-Fried remained detained at the Metropolitan Detention Center. Judge Lewis Kaplan rejected his most recent filing for release on the grounds of flight risk.

Last updated 10/1/2023, 10:58:39 AM


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