FTX, a global crypto empire, experienced a massive hack in January 2023, resulting in the loss of $323 million in various tokens from its international exchange and $90 million from its U.S. platform. The hacker seized over $600 million in Ethereum (ETH) and has since been converting it to Bitcoin (BTC) over 12 transactions split over six days. The FTX exploiter converted another $25 million worth of stolen ETH to BTC on Oct. 4 over two transactions amounting to 5,625 ETH and 9,375 ETH, respectively. The transactions occurred with a gap of roughly eight hours, with the tokens converted to BTC through THORChain Router — a bridge protocol to Bitcoin. The address in question still holds $208.481 in various cryptocurrencies, with more than 95% held in Ethereum.The timing of these significant fund movements coincides with the beginning of FTX founder Sam Bankman-Fried’s court trial, stirring speculation about a potential insider’s role in the hack. On the first day, the transaction amounts were kept relatively low, ranging from a low of 1,250 ETH to 2,500 ETH. However, on Oct. 2, the exploiter executed a transaction amounting to 4,500 ETH. Following that, most of the transaction amounts grew to 7,500 each.On Nov. 11, 2022, accounts related to both FTX and FTX US were emptied just hours after FTX declared bankruptcy. At the time of the hack, the attacker seized over $600 million in ETH. Following the breach, around 2,500 ETH, valued at a little over $4 million, were seen moving. The funds were initially divided in half and further split in subsequent operations. Additionally, 12,500 ETH, estimated to be worth about $21 million, remained in the originating wallet.John J. Ray III, who took charge as the CEO and Chief Restructuring Officer overseeing FTX’s bankruptcy proceedings, reported that the hack resulted in a loss of $323 million in varied tokens from FTX’s international exchange. The U.S. platform separately lost $90 million. The identity of the hacker — or hackers — remains a mystery. Some 21,500 ETH, valued at $27 million during the incident, was exchanged for the stablecoin DAI shortly after the intrusion. Additionally, 288,000 ETH continued to be held in addresses linked with the hacker — a vast chunk of it now converted to Bitcoin and moved to unknown addresses.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | negative |
| Relevance Score | 8 |
| People | Sam Bankman-Fried, John J. Ray III |
| Companies | Railgun, Ethereum, DAI, THORChain, FTX |
| Currencies | Ethereum, Bitcoin, Dai |
| Securities | None |
