FTX Hacker Resurfaces: $8 Million Worth of Stolen Crypto on the Move
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The perpetrator behind the staggering $477 million cryptocurrency heist from the now-defunct FTX exchange has re-emerged after a dormant period of 10 months. According to data from Arkham Intelligence, the hacker executed transactions amounting to approximately $8 million worth of Ethereum (ETH) and other tokens on September 30th, utilizing the RailGun privacy wallet and Thorchain.
Breaking: The FTX Hacker holding over $300M of assets has moved ETH for the first time since 2022.
A total of $8M thus far has been moved via RailGun and Thorchain.
A visualization of the flow of funds can be seen below on the Arkham Tracer. 👇 pic.twitter.com/spBR2So3nb
— Arkham (@ArkhamIntel) September 30, 2023
The FTX exchange, which was headquartered in the Bahamas, plunged into bankruptcy in November 2022 following mismanagement and a liquidation crisis. That said, the hacker took advantage of the chaos to drain over $300 million in assets from FTX’s hot wallets, including a staggering 180,000 ETH valued at nearly $200 million at the time.
The hacker’s cryptocurrency address had remained eerily still since the audacious attack until recently, when it sprang to life, dispatching multiple transactions to various destinations. Presently, the address still holds 12.5K ETH, commanding a current market value of approximately $28 million.
FTX Hacker’s Decision to Move Assets Unknown
The motives behind this sudden resurgence remain shrouded in mystery. Speculations abound, ranging from a potential attempt to liquidate some of the ill-gotten gains to evading the ever-watchful gaze of law enforcement agencies. Some even suggest that this could be a mere precursor to a more significant move in the near future.
The FTX hack sent shockwaves throughout the cryptocurrency ecosystem, raising profound concerns about the security and regulation of digital asset exchanges.
The victims, who bore the brunt of this unprecedented heist, find themselves in a protracted waiting game, anticipating a resolution from the bankruptcy court that could span months, if not years. Meanwhile, the elusive hacker continues to evade capture, leaving the financial world on edge while pondering their next move.
