FTX Hacker Moves $120 Million During the Sam Bankman-Fried Trial: Report

An unknown hacker stole $120m in ETH via THORSwap, resembling the FTX founder’s trial. Elliptic reveals details, but identity is still a mystery.

Hacker converts to BTC around $120m stolen Ethereum (ETH) via the THORSwap exchange. This activity corresponds to Sam Bankman-Fried’s trial, who founded the FTX exchange.

Approximately $87 million in ETH, or 18% of the total amount stolen, was the initial theft, according to Elliptic’s report. Using the same method, they used RenBridge to convert 65,000 ETH into bitcoins and then used those bitcoins to transfer the stolen funds.

According to Elliptic, “The 180,000 ETH that was not converted to Bitcoin through RenBridge remained dormant until the early hours of Sep. 30, 2023 — by which time it was worth $300 million.”

Despite the incident that happened a year ago, the hacker’s name has not been revealed in almost a year. As well as North Korean hacking groups or those linked to Russian criminal organizations, FTX insiders may be accused of carrying out this activity.

While trying to relocate and hide the stolen cash using decentralized exchanges, cross-chain bridges, and mixers, the hacker suffered significant losses of almost $94 million.

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