FTX, one of the prominent players in the crypto exchange world, has once again been thrust into the limelight, albeit for reasons they’d much rather avoid. The culprits behind the FTX hack have made another calculated move, this time converting a vast sum of their Ethereum (ETH) loot into Bitcoin (BTC) through the decentralized platform, THORChain.
Read CRYPTONEWSLAND onThis strategic conversion involved the transfer of 15,000 ETH, an amount that hovers around the $24.75 million mark. This transaction signifies not just the magnitude of the hack but also the deliberate and paced approach of the hackers, making tracking and recovery increasingly complex.
Scrutiny into their activities since September 30 reveals the transfer of a massive 60,000 ETH using four separate addresses, pointing towards an attempt to obfuscate their trails and diversify holdings. Their reach doesn’t end here. At present, these hackers have consolidated their ill-gotten gains across nine addresses, amounting to a whopping 125,735 ETH.
While law enforcement and cybersecurity experts are undoubtedly working to trace and apprehend the perpetrators, these moves indicate a high level of sophistication and understanding of the crypto realm. As the situation continues to unfold, FTX users and the wider crypto community will be keenly watching for any updates, hoping for a breakthrough that could lead to the recovery of stolen assets.
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