{"id":68288,"date":"2023-10-03T14:18:14","date_gmt":"2023-10-03T18:18:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ftx-hacker-moves-22500-eth-worth-37-million-whats-going-on\/"},"modified":"2023-10-03T14:18:17","modified_gmt":"2023-10-03T18:18:17","slug":"ftx-hacker-moves-22500-eth-worth-37-million-whats-going-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68288","title":{"rendered":"FTX Hacker Moves 22,500 ETH Worth $37 Million \u2013 What’s Going On?"},"content":{"rendered":"
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In a series of concerning transactions, the hacker or group of hackers believed to be behind last year\u2019s infamous FTX hack has moved millions of dollars\u2019 worth of stolen crypto.<\/p>\n

In the past few days, the so-called FTX hacker has transferred 22,500 Ether (ETH), equivalent to about $37 million by today\u2019s exchange rate, according to a post on X from the on-chain analytics firm Lookonchain.<\/p>\n

Out of the total, 7,500 ETH, worth approximately $12.4 million, was transferred as recently as on Monday.<\/p>\n

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Notably, these moves coincide with the impending trial of FTX’s former CEO and co-founder, Sam Bankman-Fried, who faces charges of fraud and money laundering.<\/p>\n

Bankman-Fried faces more than 100 years in prison if found guilty on all counts.<\/p>\n

One of 2022\u2019s largest crypto heists<\/h2>\n

The hack that victimized FTX in 2022 was one of the year’s largest crypto heists, with losses estimated to exceed $350 million.<\/p>\n

The attacker targeted the exchange’s wallets shortly after Bankman-Fried filed for Chapter 11 bankruptcy protection and left the company.<\/p>\n

According to a Chainalysis report from last year, the drained funds were originally converted from Ether to Bitcoin (BTC) through RenBridge, a protocol that allows for decentralized cross-chain transfers between a number of different blockchains.<\/p>\n

Inside job?<\/h2>\n

While the identity of the hacker remains unknown, Bankman-Fried has previously suggested in an interview that an insider, potentially a “former employee” or another malicious actor, might have gained access to FTX’s crypto wallets’ private keys.<\/p>\n

This incident led to a US Justice Department investigation, aimed at uncovering the individual or group responsible for the hack.<\/p>\n

Bankman-Fried’s successor as CEO, John J. Ray III, has previously revealed that FTX kept the private keys for its wallets private keys unencrypted and without adequate security measures in place.<\/p>\n<\/p><\/div>\n