Hacker Seized $600M in Crypto by Taking Advantage of FTX Collapse
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Given the FTX collapse, a hacker stole crypto worth more than $600 million on Friday. Since then, the thief has made simple attempts to transfer the funds to an untraceable chain, but the blockchain’s transparency has caught up with him.
The hacker successfully converted the majority of the stolen money into ETH, leaving a digital trail of his shady transactions.
Hacker just dumped 50,000ETH.
Still has 200,000ETH left. pic.twitter.com/Va0kCE1JX8
— Mando (@greatmando_nft) November 20, 2022
According to sources familiar with the situation, the FTX hacker address is converting a significant amount of ETH into BTC. In addition, nearly 30,000 ETH were converted into RenBTC, and 1070 BTC were sent to the Bitcoin network. Other sources claim that the hacker has lost 50,000 ETH and now only has 200,000 ETH.
Following the attack, the bankrupt company advised clients via its official Telegram channel not to install any additional updates and to delete any FTX apps. On the Telegram chat, the administrator of FTX support wrote:
“FTX has been hacked. FTX apps are malware. delete them. Chat is open. Don’t go on the FTX site as it might download Trojans..”
A few days after the incident, the hacker began converting thousands of stolen BNB cryptocurrency tokens into Ether and BUSD. Essentially, BNB tokens worth approximately $7.4 million were exchanged for ETH and Binance USD. 10,000 BNB coins were hacked and converted into 2,000 ether, which is worth approximately $2.4 million. According to today’s news, hackers cross-chained renBTC to the BTC chain regardless of market depth or price.
FTX Collapse: Crypto Wallet Used by the Hacker
Following the transaction, Whale Alert claims the FTX hacker transferred approximately $25,000 ETH ($30,170,267M) to an unnamed wallet. According to Beosin Alert, a cryptocurrency company, the majority of the funds are kept in the hacker’s account, which has been identified as:
Despite this, there are several addresses associated with the hackers, but the main one contains over 290,000 ether, placing the account drainer among the top 35 Ether cryptocurrency owners.
Because the cryptocurrency community and watchdogs are constantly monitoring their wallet, all transactions are recorded on the immutable blockchain Ledger, making it more difficult for hackers to perform secretly.