The FTX hacker has converted 25,000 ETH worth $30 million into Bitcoin, on-chain data reveals. Do you think SBF himself is behind the hack?

Hackers who stole around $477 million worth of cryptocurrency from collapsed exchange FTX have started to launder the funds into bitcoin.

This month, after FTX filed for bankruptcy, new CEO John Ray III said that “unauthorized access to certain assets has occurred.”

Blockchain analytics company Elliptic estimates that around $477 million worth of cryptocurrency had been stolen from FTX.

The theft adds insult to injury to FTX, a once $32 billion crypto empire who collapse has sent shockwaves across the industry.

The stolen money has been converted into different digital coins but the bulk of it — more than $280 million — was changed into the cryptocurrency ether, according to public blockchain records of the account linked to the hackers.

Tom Robinson, co-founder of Elliptic, told CNBC that the hackers were converting the ether into a crypto product called RenBTC which is then being converted into bitcoin via a bridge. This allows one crypto to be converted into another without going through a centralized exchange.

“This is a common tactic in the laundering of crypto thefts,” Robinson said.

So far, $74 million has been moved to bitcoin from RenBTC.

Hackers are some point will want to cash that money out into fiat. However, Robinson said that will be “challenging” due to the “traceability of crypto.”

He said that he expects the hackers to use “mixers to cover their blockchain trail.”

Mixers are services or software that allow a crypto transaction trail to be obfuscated on the blockchain, making it difficult or impossible to trace these funds, Robinson said.

“This may be one of the motivations behind moving these assets to bitcoin — the greater availability of mixing services,” he added.

The blockchain is a public ledger of crypto activity. Each coin may have its own blockchain. That makes it possible to trace, to an extent, where funds are moving. The use of mixers could make this difficult.

Crypto compliance software company Chainalysis in a tweet on Sunday also confirmed that hackers are moving funds.

Source: https://www.cnbc.com/2022/11/21/ftx-theft-hackers-start-to-launder-477-million-of-stolen-crypto.html

The FTX hacker has converted 25,000 ETH worth $30 million into Bitcoin, on-chain data reveals. Do you think SBF might be behind the hack?

The FTX hacker has converted 25,000 ETH worth $30 million into Bitcoin, on-chain data reveals. Do you think SBF himself is behind the hack?

18 thoughts on “The FTX hacker has converted 25,000 ETH worth $30 million into Bitcoin, on-chain data reveals. Do you think SBF himself is behind the hack?”

  1. Pro & con info are in the collapsed comments below for the following topics: Bitcoin, Ethereum.

  2. Thought the “hacker” was just SBF acting on Bahamian government orders to custody assets?

  3. If the funds are continually traded for a loss I think we can tell who has control of the funds.

  4. He was literally spelling out his private keys in crypto twitter messages the other week. Of course it’s him.

  5. Thought the “hacker” was merely SBF carrying out orders from the Bahamian government to seize assets?

  6. It’s definitely SBF or another FTX executive.

    It’s waaaay too coincidental to get hacked immediately after declaring bankruptcy. It’s also highly illegal, so if any legal proof surfaces, this alone would guarantee SBF jail time. It may be incompetence to go bankrupt, but once you do, the assets of the company are no longer yours. Taking those assets is theft/larceny and is now a criminal act.

  7. Everyone’s so sure its SBF. Remember this guy wasn’t paying a lot of people. People with very inside access.

    That being said, its probably still him.

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