In November 2022, just hours after FTX filed for bankruptcy, an unknown hacker managed to steal up to $600 million from the exchange’s various wallets. Since last week, the hacker has managed to transfer more than 75,000 ETH through various platforms.
The sudden movement of these funds comes as SBF’s criminal trial begins this week in federal court in New York.
The hacker first used THORSwap to transfer ETH to the Bitcoin network starting last week. On Friday, THORSwap decided to switch its protocol to "maintenance" mode to limit further potential illegal activities. THORSwap will remain in this mode until a better solution can be implemented to ensure that the platform is not involved in these illegal activities.
Shortly after THORSwap suspended service, FTX hackers began exchanging ETH for tBTC and using Threshold Network to cross-chain to the Bitcoin network. Threshold Network has released a patch update to node operators and stated on Twitter that FTX hacker transactions that have not yet been processed will not be processed.
According to Lookonchain data, the FTX hacker currently holds 109,485 ETH.
Want to have the latest cryptocurrency market dynamics summaries sent to your mailbox every day? Subscribe to the TokenInsight mailing list now!
Prefer to follow us on social media? Follow us on Twitter, or subscribe to our Telegram!
Have a news report or announcement that you want to be known by more people? Send us an email! news@tokeninsight.com
