FTX Hack: 15,000 ETH Converted to Bitcoin - Tracking the Stolen Funds
The FTX hack continues to make headlines as cybercriminals move stolen assets in an attempt to obfuscate their origins. Recent activity indicates a significant effort to convert Ethereum (ETH) into Bitcoin (BTC), raising concerns about the recovery of the misappropriated funds. After compromising FTX, cybercriminals are on the move, converting a significant chunk of their ETH haul into BTC through THORChain, signaling a shift in tactics. This article provides updates and insights into the ongoing efforts to track the stolen cryptocurrency, focusing specifically on the conversion of 15,000 ETH.
The 15,000 ETH Conversion: A Calculated Move
The culprits behind the FTX hack have made another calculated move, this time converting a vast sum of their Ethereum (ETH) loot into Bitcoin (BTC) through the... (details will be added as investigation progresses). This conversion represents a crucial turning point in the investigation, as Bitcoin's traceability differs from Ethereum's.
Timeline of Events: From ETH to BTC
On September 30, they identified that the hacker had started converting approximately 15,000 ETH to BTC. Significantly, the last noted transaction before this activity… (details will be added as investigation progresses,). Further analysis reveals a series of transactions designed to obscure the source of the funds and complicate tracking efforts.
$16 Million Shift: The FTX Hacker's Tactics
The FTX hacker allegedly transferred 15,000 ETH worth $16 million to a new address. Right after this, the hacker went on to convert 684.6 renBTC, an ERC-20 version of… (Bitcoin). This move highlights the hacker's sophistication and understanding of decentralized finance (DeFi) protocols.
Large-Scale Conversions: 50,000 ETH and Beyond
On November 20, the attacker transferred 50,000 ETH to a separate wallet and then converted it to Bitcoin using two separate renBTC bridges. As of today, the hacker is… (still active and being monitored). The conversion of such substantial sums demonstrates the scale of the initial breach and the ongoing threat to the broader cryptocurrency ecosystem.
Tracking the Bitcoin: Challenges and Strategies
Tracing Bitcoin transactions originating from converted ETH presents unique challenges. Law enforcement agencies and blockchain analysts are employing various techniques, including cluster analysis and transaction pattern recognition, to follow the flow of funds. The ultimate goal is to identify and recover the stolen Bitcoin, holding the perpetrators accountable for their actions.
Stay Updated on the FTX Hack Investigation
This article will be updated regularly with the latest developments in the FTX hack investigation, including new information about the conversion of ETH to BTC and ongoing efforts to recover the stolen funds. Check back frequently for the most accurate and up-to-date information.