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

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

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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.

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