FTX hackers have already moved $8 million in stolen funds

As FTX experienced its dramatic collapse, an unidentified hacker disappeared with hundreds of millions of dollars. Ten months later, on-chain data revealed some new activity within the wallet belonging to the alleged hacker.

The identity of the individual responsible for the multi-million dollar hack, as well as the exact technique used, remained a mystery until the recent transfers.

– According to data from Arkham Intelligence, the FTX Hacker, who held over $300 million in assets, made their first movement in 10 months. The address still holds 12.5K ETH.

– On September 30th, a total of $8 million was observed to have been transferred through the RailGun privacy wallet and Thorchain.

– Arkham’s data revealed two transactions in which the hacker transferred 2,500 ETH, with each batch valued at $4 million.

– The FTX breach occurred on November 11, 2022, shortly after FTX filed for bankruptcy and its founder, Sam Bankman-Fried, stepped down from his position.

– During the incident, an unknown attacker(s) managed to steal over $600 million worth of Ether, temporarily making them the 35th largest holder of the cryptocurrency.

– Initially, the hacker deposited the stolen funds into CoinMixer, an anonymous Bitcoin mixing service designed to make it harder to trace on-chain Bitcoin transfers.

– In an effort to further conceal the movement of funds, the hacker opted for numerous swaps and bridge transfers.

– Following the incident, renowned on-chain investigator ZackXBT speculated that the hacker likely transferred the funds to the cryptocurrency exchange OKX after withdrawing them from the mixer.