FTX Exploiter Bridges $8M in Ethereum (ETH) to Bitcoin (BTC)

Sun, 10/01/2023 - 18:10
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An individual associated with the FTX hack has allegedly transferred around $8 million in Ethereum (ETH) to Bitcoin (BTC), according to PeckShieldAlert. This transfer was accomplished using Thorchain, a decentralized exchange enabling cross-chain swaps that allow the hacker to convert the ETH holdings into BTC.

A massive hack 

These transactions marked yet another movement of Ether held in the compromised wallet since the hack occurred nearly a year ago. 

For the uninitiated, FTX suffered a major security breach on Nov. 11, with unauthorized withdrawals amounting to about $600 million. The attack was believed by some to be an inside job.

The exploit took place only hours after FTX filed for bankruptcy protection and founder Sam Bankman-Fried stepped down from his role.

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Shortly after the hack, blockchain experts suggested the exploiter exhibited signs of panic, hastily moving and converting tokens in an attempt to avoid detection and sustaining significant losses in the process. 

SBF's impending trial 

FTX's turbulent downfall shocked the industry, with the rapid dissolution of Bankman-Fried’s once-flourishing $40 billion crypto empire.

Bankman-Fried is scheduled to face trial starting from Oct. 3, with charges including fraud and conspiracy levied against him. The former FTX executive has pleaded not guilty to all counts, and if convicted, he faces a possible maximum prison sentence of 115 years.