#ftx #moncef10 A thief who stole over $470 million in cryptocurrency during the FTX exchange's crash is attempting to cash out while the exchange's founder, Sam Bankman-Fried, is on trial for alleged fraud. Bankman-Fried's trial started last week, and he denies the charges.

After remaining inactive for nine months, experts suggest that approximately $20 million of the stolen cryptocurrency is being converted into traditional money daily. Recent analysis sheds light on the methods used by this mysterious thief to cover their tracks.

FTX was once a major cryptocurrency exchange platform that allowed users to buy, trade, and store digital currencies. However, it went bankrupt on November 11, 2022, with billions of dollars in customer funds unaccounted for. Bankman-Fried is pleading not guilty to charges related to misusing customer funds and money laundering, while bankruptcy lawyers work to locate the missing billions.

On the day of FTX's collapse, an unidentified thief stole hundreds of millions of dollars in cryptocurrency controlled by the exchange. This thief is believed to still have control over the stolen funds. It remains unknown how the thief or thieves gained access to FTX's crypto wallets, but it is suspected to have involved an insider or a hacker with the ability to obtain the necessary information.

The criminal transferred 9,500 Ethereum coins valued at $15.5 million from an FTX wallet to a new one. Subsequently, hundreds of other cryptocurrencies were moved from the company's wallets in transactions totaling $477 million.

According to researchers from Elliptic, a cryptocurrency investigation firm, the thief lost more than $100 million in the weeks following the hack, as some of the funds were frozen or lost to processing fees while attempting to evade capture. However, by December, approximately $70 million was successfully routed through a cryptocurrency mixer—a service used to launder Bitcoin—making it challenging to trace.