The unknown attacker moved around 2,500 ETH in several transactions, splitting and routing the funds through privacy-focused DeFi bridges and platforms.
The anonymous exploiters responsible for hacking the FTX exchange last November have shown signs of life just recently. A staggering 2,500 Ether (ETH), worth $4 million, have been moved to new addresses. This comes as FTX founder Sam Bankman-Fried is days away from standing trial on fraud charges in the US.
Wu Blockchain informed of such event via X on September 30, in the following terms:
“FTX Exploiter 0x3e957 just moved 2500 ETH ($4.2M) to new addresses. This is the first time the address has been active since the hack 10 months ago. The address still holds 12.5K ETH. According to @spotonchain.”
Blockchain analysis company SpotOnChain was the first to detect the movement, reporting that the wallet linked to the FTX exploit initiated transactions for the first time in almost a year.
This activity occurred during the early hours of Saturday, September 30, an interesting choice given that weekends often see lower trading volumes, thus maximizing the potential impact on cryptocurrency markets.
The Sophisticated Movements
The 2,500 ETH was not simply transferred in one go. The funds were divided and routed through a labyrinthine series of transactions. 700 ETH passed through the Thor Chain Routers while 1,200 ETH moved through the Railgun Privacy Tool. Another 550 ETH were placed in an intermediate wallet.
Thorchain is known for allowing cross-swaps without revealing wallet addresses. In contrast, Railgun is a private wallet that protects transactions, making it difficult for controllers to track the exact use of funds.
Despite these disturbing movements, the astronomical figure of 12,500 ETH, equivalent to approximately $21 million, remains dormant in the original wallet. Given this latest activity, the crypto community is abuzz with speculation about when and if these remaining funds will come into action.
A Curious Moment
The move comes just under a year after the theft of the funds, just on the eve of the trial against Bankman-Fried in the US, who is accused of a dozen counts related to fraud and embezzlement. The trial against Bankman-Fried begins on October 2, and he appears as the only former FTX director who claims to be innocent of the events that led to the collapse of the international exchange.
Some critics claimed that the same Bankman-Fried might be the responsible hacker, but there was no conclusive evidence to confirm this. Therefore, the identity of the attacker remains a mystery.
The Backstory of FTX: From Bankruptcy to Court
Last November 11, FTX accounts were emptied of a staggering $600 million worth of cryptocurrency, just hours after the exchange filed for bankruptcy and Sam Bankman-Fried resigned as leader. The identity of the attackers has never been confirmed, although rumors persist that it may have been an inside job.
This hacking incident resurfaces just days before Bankman-Fried is scheduled to stand trial on fraud and conspiracy to commit fraud charges in the United States. The trial is expected to be a high-stakes affair, as former FTX and Alameda Research executives who have pleaded guilty will testify against Bankman-Fried.
After the hack, the stolen funds were moved to 12 different crypto wallets, each holding 15,000 ETH. The 2,500 ETH transferred today are part of these initial storage locations. Shortly after the exploit, approximately 21,500 ETH were converted into DAI stablecoins, while a colossal amount of 288,000 ETH remained intact in addresses linked to the attacker.
By Leonardo Pérez
