According to blockchain analytics service provider Lookonchain, the FTX hacker is on a rampage again and this time around, he has moved the volume of his loot in the last two days to a total of 22,500 Ethereum (ETH).
FTX Hacker Leverage Privacy Tools to ETH Funds
Some FTX accounts were drained of 7,500 Ether, valued at approximately $12.62 million at the current market price.
On September 30, Coingape reported the movement of 2,500 ETH, worth more than $4 million from a wallet linked to the FTX accounts drainer. The hacker leveraged some complex privacy techniques to obfuscate their activity and gain access to the Decentralized Finance (DeFi) application.
The Ethereum units were transferred in multiple transactions at different times. The Thorchain Router, a bridge that helps users keep their identity unknown while transferring assets across different blockchains, was utilized for the transfer of 700 ETH.
1200 ETH went through Railgun privacy wallet, a platform that supports token storage as well as enabling DeFi activities including lending and borrowing.
Markedly, the other units of ETH are still in an intermediary wallet while another 12,500 ETH valued at approximately $21 million remains in the original wallet. All of these transactions were performed in private, making it more difficult to know how they are being utilized.
Why Now?
The hacker’s history goes as far back as November 2022, right after the FTX cryptocurrency exchange imploded and filed for bankruptcy. Unfortunately, the bad actor made away with $600 million worth of Ethereum. Since that time till a few days ago, the hacker has been silent, with no prior movement from the address.
The potential launch of an ETH-based Exchange Traded Fund (ETF) in the United States is believed to have triggered the decision to move the coins. At the same time, it is worth noting that the trial of Sam Bankman-Fried, the former Chief Executive Officer (CEO), who has equally been suspected to be the hacker, is around the corner.
If the suspicions are true, he might be trying to clear his stash before his fate is decided in court.
