The FTX exploiter transformed one other $25 million value of stolen Ethereum (ETH) to Bitcoin (BTC) on Oct. 4 over two transactions amounting to five,625 ETH and 9,375 ETH, respectively, based mostly on Spot On Chain’s information.

The transactions occurred with a spot of roughly eight hours, with the tokens transformed to BTC by means of THORChain Router — a bridge protocol to Bitcoin.

The tackle in query nonetheless holds $208.481 in numerous cryptocurrencies, with greater than 95% held in Ethereum.

Not dormant

The FTX exploiter, who had been virtually fully dormant virtually the whole thing of the ten months for the reason that hack passed off, out of the blue started changing tens of millions of {dollars} value of ETH to BTC on Sept. 30.

Since then, the hacker has transformed over $100 million of the stolen ETH  token to BTC over 12 transactions cut up over six days.

The timing of those important fund actions coincides with the start of FTX founder Sam Bankman-Fried’s court docket trial, stirring hypothesis a couple of potential insider’s function within the huge hack that transpired in January 2023.

The preliminary transaction quantities on the primary day had been saved comparatively low, starting from a low of 1,250 ETH to 2,500 ETH. Nonetheless, on Oct. 2, the exploiter executed a transaction amounting to 4,500 ETH. Following that, many of the transaction quantities grew to 7,500 every.

Earlier than the Oct. 4 transactions, the exploiter moved 30,000 ETH on Oct. 2 and three in 4 tranches of seven,500 ETH every. The tokens had been transformed to BTC by means of THORChain and Railgun.

The Preliminary Breach

On Nov. 11, 2022, accounts associated to each FTX and FTX US had been emptied simply hours after FTX declared chapter. The occasion occurred shortly after the corporate’s founder, SBF, introduced his departure from the worldwide crypto empire.

On the time of the hack, the attacker seized over $600 million in ETH.

Following the breach, round 2,500 ETH, valued at a bit over $4 million, had been seen transferring. The funds had been initially divided in half and additional cut up in subsequent operations:

• 700 ETH was transferred utilizing the Thorchain Router.
• 1,200 ETH was channeled by means of the Railgun privateness device, which shields transaction particulars.
• 550 ETH was left in a transitional pockets.
• Moreover, 12,500 ETH, estimated to be value about $21 million, remained within the originating pockets.

John J. Ray III, who took cost because the CEO and Chief Restructuring Officer overseeing FTX’s chapter proceedings, later reported that the hack resulted in a lack of $323 million in diversified tokens from FTX’s worldwide change. The U.S. platform individually misplaced $90 million.

The identification of the hacker — or hackers — stays a thriller. Some 21,500 ETH, valued at $27 million through the incident, was exchanged for the stablecoin DAI shortly after the intrusion.

Moreover, 288,000 ETH continued to be held in addresses linked with the hacker — an unlimited chunk of it now transformed to Bitcoin and moved to unknown addresses.