The Stolen funds start to move as soon as SBF goes on trial.
This first came to light when $8 million was observed to have been transferred via RailGun privacy wallet and Thorchain on September 30th.Arkham’s data disclosed two transactions in which the hacker transferred 2,500 ETH, with each batch having a value of $4 million.
Shortly after another users on twitter was keen to notice more of the funds moving from one of the hacker`s wallets on the same Thorchain to a tune of. Over 32 Million $ in ETH Bringing the total amount that has been moved to about 40 million $.
And that's just the clearly stolen funds coming from theft addresses directly.
— Tay 💖 (@tayvano_) October 1, 2023
There's *at least* another 3,300+ ETH that's pretty clearly laundering—e.g. chunks straight from Tornado Cash, Railgun, or this one dude running from exch on ETH -> ThorSwap -> TradeOgre on BTC.
😬
This sudden influx of funds emerged when Sam Bankman-Fried aka SBF was about to go on trial,has led some to beleive that the hacker is using the trial as a smokescreen to move the funds.
How it all Happened
FTX, once a very valuable company, collapsed on Nov. 11,2022 forcing to its founde r Sam Bankman-Fried to step down from his position as CEO. and on the same day,.The breach occurred shortly after FTX filed for bankruptcy.
During this incident, the unknown attacker(s) managed to siphon more than $600 million worth of Ether, which briefly made it the 35th largest holder of the cryptocurrency.
Initially it is specualted that the hacker deposited the stolen funds to CoinMixer which is an anonymous Bitcoin mixing service designed to make on-chain Bitcoin transfers harder to track.
Methods used to move the Funds
In a bid to further obscure the trail of the funds, numerous swaps and bridge transfers were opted by the entity. Some onchain data shows the culprits transferred the funds to RenBTC and then sent them to the bitcoin blockchain through the RenBridge service.the service has been used to launder hundreds of millions of dollars worth of crypto, including assets believed to have been stolen by North Korea.
The hacker seems to have adpted and evolved from their inicial “peel chain” method used in moving smaller amounts of the stolen crypto to now using even smarter ways to hide and moving the stolen funds, making it really hard to track and find them
No one knows yet who the FTX hacker is, and the hunt to find them is still going on. Investigations are still under-way to figure out who could be responsible for one of the biggest hacks in the crypto currency industry thus far.
