• 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

2 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

Potential Changes in Bitcoin Derivatives Markets Following CLARITY Act

chest

Market expert MartyParty highlights that the CLARITY Act could lead to significant changes in Bitcoin derivatives markets, enhancing CFTC authority and encouraging institutional participation.

user avatarZainab Kamara

Crypto Investment Funds Face Continued Outflows Amid Market Slowdown

chest

Crypto investment funds have faced a fifth consecutive week of net outflows, totaling approximately $4 billion over five weeks, with a significant decline in trading activity.

user avatarAyman Ben Youssef

Blockchain Association Unveils New Tax Principles for Digital Assets

chest

The Blockchain Association has introduced a framework to guide lawmakers on digital asset taxation as discussions around the CLARITY Act continue.

user avatarSon Min-ho

Market Leverage Ratio Declines, Indicating Reduced Speculative Positioning

chest

The Estimated Leverage Ratio in the crypto derivatives market has sharply declined, suggesting a reduction in speculative positioning and a calmer market environment.

user avatarTando Nkube

Castle Labs Warns of Overbuilt Crypto Market

chest

Castle Labs warns that the cryptocurrency market is overbuilt, with most tokens likely to lose value unless they demonstrate real business traction.

user avatarKofi Adjeman

Bitcoin Mining Difficulty Rebounds, Indicating Network Resilience

chest

Bitcoin mining difficulty has rebounded after a brief dip, indicating renewed miner participation and confidence in Bitcoin's long-term viability.

user avatarNguyen Van Long

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.