Recently, a hacker capitalized on FTX’s financial crisis and stole over $600M in digital assets from the platform. Since the attack, the fraudster has secretly tried to move the assets.
Fortunately, the crypto community has been monitoring transactions due to blockchain technology’s transparency.
Hacker Converts Stolen Funds Into Bitcoin
After looting the funds from FTX, the hacker converted a large portion of them into ETH. These conversions left a suspicious trail on the blockchain calling the attention of crypto analysts.
According to reports, the FTX hacker is converting the stolen Ethereum into Bitcoin. Besides, the attacker had converted about 30,000 ETH into RenBTC.
Additionally, the attacker sent 1070 Bitcoin to the Bitcoin network. Recent reports reveal the hacker has dumped over 50,000 ETH with only 200,000 ETH left in the wallet address.
Meanwhile, FTX warned users about the hack immediately after it happened. The message on the platform’s official Telegram account stated someone had compromised the exchange app and website.
As a result, the company advised users to delete their FTX apps and ignore all upgrades.
“A hacker has hacked FTX exchange. As a result, FTX applications now have malware. Also, do not visit the website as it could download Trojans,” an FTX administrator stated on Telegram.
Also read:A few days after the incident, the attacker converted the stolen tokens. Initially, the hacker converted some BNB tokens into BUSD and ETH.
Reports reveal that the hacker converted BNB tokens worth over $7.4 million, which were swapped for Ethereum (about 2,000 ETH) and BUSD.
FTX Not Making Efforts To Recover Stolen Funds
In the latest swap, the hacker cross-chained some renBTC to the Bitcoin chain. The conversion led to a hike in the issuance of Ren.
Whale Alert, a crypto tracking platform, reported that the attacker also moved about 25,000 ETH from the attacker’s wallet to an anonymous wallet.
Meanwhile, several wallet addresses are linked to the hacker. However, one holds over 290,000 ETH, making the hacker among the top 35 largest holders of Ethereum.
However, it would be difficult for the criminal to move the assets secretly. This is because every transaction is logged on the unchangeable blockchain Ledger.
Hence, anyone can easily monitor the assets leaving and entering the wallet. Besides, the crypto watchdogs and the entire crypto community keep a close eye on the wallet. But, surprisingly, the now-bankrupt FTX is not making efforts to recover the stolen funds despite owing more than $3 billion to creditors.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.