In a shocking revelation, blockchain intelligence firm Elliptic has provided an in-depth analysis of the infamous FTX theft, shedding light on the complex web of events surrounding the hack, subsequent money laundering, and the ongoing quest to uncover the identity of the perpetrators.According to Elliptic’s report, the FTX theft in November 2022 involved $477 million stolen from the Bahamas-based cryptocurrency exchange. The incident coincided with FTX’s bankruptcy filing and the arrest and charges against its CEO, Sam Bankman-Fried.The thief’s identity remains unknown as the stolen assets continue to be moved and laundered on the blockchain. However, Elliptic’s investigation has revealed the sophisticated techniques employed by the perpetrator.The thief quickly embarked on a money laundering spree, utilizing decentralized exchanges (DEXs), cross-chain bridges, and mixers to obfuscate the trail of stolen funds. By swapping stolen tokens for native assets like Ether (ETH) on DEXs such as Uniswap and PancakeSwap, the thief evaded detection by compliance departments that monitor centralized exchanges.To further complicate the tracking of funds, the stolen assets were moved across different blockchains using cross-chain bridges. Services like Multichain and Wormhole were leveraged to transfer assets from the Binance Smart Chain and Solana blockchains to Ethereum. RenBridge, a cross-chain bridge owned by Alameda Research, was used to facilitate the laundering of $74 million worth of stolen assets.The stolen Ether was then converted to Bitcoin (BTC) through RenBridge, allowing the thief to access the services of mixers. Mixers like ChipMixer were utilized to blend the stolen Bitcoin with funds owned by others, effectively obfuscating the origin of the assets. However, ChipMixer was seized in an international law enforcement operation, prompting the thief to switch to Sinbad, a newly launched mixer associated with illicit activities.While the exact identity of the thief remains unknown, Elliptic’s analysis suggests several possible scenarios. One possibility is an inside job, where individuals with access to FTX’s crypto assets took advantage of the chaos surrounding the company’s bankruptcy. Another possibility is the involvement of a Russia-linked actor, given the combination of stolen assets with funds from Russia-linked criminal groups during the laundering process.It is worth noting that the stolen assets remained dormant for several months until just before Bankman-Fried’s trial in New York. According to Elliptic, this departure from the typical strategy of waiting years to move and cash out assets indicates a deliberate attempt to capitalize on the renewed attention directed towards FTX and the events of November 2022.As of the time of writing, the token FTT of the cryptocurrency exchange FTX is trading at $1.0488, reflecting a 0.21% increase in the past 24 hours.

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Information	Details
Geography	North America
Countries	🇧🇸
Sentiment	neutral
Relevance Score	1
People	Sam Bankman-Fried
Companies	ChipMixer, RenBridge, Uniswap, Wormhole, Alameda Research, Binance Smart Chain, FTX, Multichain, PancakeSwap, Sinbad, Sam Bankman-Fried, Elliptic, DEXs, Solana
Currencies	Ethereum, HairyPlotterFTX, Bitcoin
Securities	None