crypto strategy

FTX hacker converts ETH to BTC as he tries to cash in loot | Invezz


FTX funds stolen from bankrupt crypto exchange on Nov. 11 reportedly moved as thief seeks to convert looted Ethereum (ETH) to Bitcoin (BTC) as part of their exit strategy. This comes days after FTX filed for bankruptcy, the native FTX Token having dumped over 90% in a week of chaos for crypto.

Chainalysis blockchain security and analytics company announcement on November 20, that the hacker had topped up the funds and could attempt to use various crypto exchanges to withdraw their loot from the blockchain.

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The firm tweeted on Sunday:

“Funds stolen from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to cash out.”

The official FTX Twitter account also referenced the Chainalysis report, noting that the hacker was using intermediary wallets in his attempt to hide the movement of funds.

Chainalysis also noted that the stolen FTX funds were not paid into an account controlled by the Bahamian government was not entirely true.

“The information that the funds stolen from FTX were in fact sent to the Bahamas Securities Commission is incorrect. Some funds were stolen and others were sent to regulators.

The hacker could be looking to mix up the funds, Chainalysis added, suggesting the thief could be trying to make it harder to trace the stolen money.

According to crypto analyst KamikazETH, the hacker dumped around $15 million worth of ETH tokens and was looking to dump another $12 million early Sunday afternoon. By The Crypto Sleuththe thief was using Wrapped BTC and then renBTC to try to cash out.

At the time of writing, the main wallet used in the heist still had $270 million in loot.

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