• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
FTX Exploiter Converts $8 Million Worth of Ethereum (ETH) into Bitcoin (BTC)

FTX Exploiter Converts $8 Million Worth of Ethereum (ETH) into Bitcoin (BTC)

user avatar

by Max Nevskyi

3 years ago


An individual reportedly linked to the FTX hack has supposedly converted approximately $8 million worth of Ethereum (ETH) into Bitcoin (BTC) using Thorchain, a decentralized exchange facilitating cross-chain swaps. This conversion marks another instance of Ether being moved from the compromised wallet, a year after the hack occurred.

For those unfamiliar with the incident, FTX experienced a significant security breach on November 11, resulting in unauthorized withdrawals totaling around $600 million. Some speculated that it might have been an inside job. Interestingly, this attack transpired shortly after FTX filed for bankruptcy protection, and its founder, Sam Bankman-Fried, stepped down from his position.

In the aftermath of the hack, blockchain experts noted that the perpetrator seemed to be in a state of panic, hastily transferring and converting tokens in an effort to evade detection, incurring substantial losses along the way.

The tumultuous downfall of FTX shocked the crypto industry, leading to the rapid decline of Bankman-Fried's once-thriving $40 billion crypto empire. Bankman-Fried is set to go on trial starting from October 3, facing charges of fraud and conspiracy. He has pleaded not guilty to all charges and, if convicted, could potentially face a maximum prison sentence of 115 years.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Decrease in the Bitcoin Wallet Balance of the German Government Sparks Market Speculation.

chest

The balance of the German government wallet holding seized Bitcoin has reportedly dropped to less than 20% of the original amount, raising questions about future market impacts.

user avatarNguyen Van Long

Understanding User Metrics in Crypto Wallets

chest

The importance of context in interpreting user metrics for crypto wallets is emphasized, as different user types can skew perceptions.

user avatarSatoshi Nakamura

Bitget Wallet Claims 100 Million Users, Signaling Competitive Wallet Market

chest

Bitget Wallet claims to have reached 100 million users, highlighting the competitive landscape of wallet providers in the cryptocurrency market.

user avatarJesper Sørensen

SEC Launches New Working Group to Combat Retail Fraud in Crypto

chest

The SEC has launched a new Retail Fraud Working Group to address retail-facing promotions and scams in the crypto market.

user avatarRajesh Kumar

Dogecoin Whale Activity Influences Market Sentiment

chest

Recent whale activity in Dogecoin is providing traders with measurable insights as the price holds above support levels.

user avatarLucas Weissmann

Base Outperforms Arbitrum in Daily DEX Volume

chest

Base has recently surpassed Arbitrum in daily DEX volume, indicating its growing competitiveness in the DeFi space.

user avatarFilippo Romano

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.