FTX Hacker Starts Dumping His Ether Holdings for Bitcoin, Exposing On-Chain Data

The hacker who used a loophole to steal $600 million (roughly Rs. 4,870 crores) in funds from the now bankrupt FTX, is now slowly looking to convert the looted Ethereum into Bitcoin as part of his cash-out strategy. The wallet transferred 50,000 ETH, worth over $59 million (roughly Rs. 479 crores), to another address late Sunday. Then exchange the ETH receiving address for renBTC, a form of Bitcoin running on the Ethereum blockchain. Subsequently, the address made four separate swaps totaling around $59 million (roughly Rs. 479 crores), according to Etherscan.

The Etherscan data It reveals that the hacker is using the Ren Bridge, which facilitates cross-blockchain transfers, to transfer renBTC to the Bitcoin blockchain as BTC, according to Researcher in the series ZachXBT. FTX hackers offloading Ether is the latest twist in a saga that has gripped the cryptocurrency market as one of the largest and most reliable centralized exchanges collapsed over the course of a few days.

The hack using Rain seems to have sparked more interest among researchers such as Alameda Research, FTX’s now bankrupt sister company, rang bought in early February 2021. In the wake of the company’s collapse, Male rang It only has enough funding to continue development of the V2 until the end of 2022.

It should be noted that the address linked to the hacker still has more than 2,00,735 ETH, worth around $236 million (approx. Rs. 1916 crores), in its wallet.

Chainalysis security and analytics company Previously announced On November 20, the hacker wired the funds and could try to use various cryptocurrency exchanges to get their loot off the blockchain. “Stolen funds from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to cash out,” Chainalysis tweeted.

In response to the hacker’s exchange of Ether, FTX also urged Exchanges to secure the money they receive that can be returned to the hacker, so that it can be used in the bankruptcy process.

“Exchanges should be aware that some of the funds transferred from FTX Global and associated debtors without permission on 11/11/22 are being transferred to them through intermediary wallets,” FTX said in a tweet. to the estate of bankruptcy.”