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FTX Hacker’s Wallet Moves $17M Worth Of Stolen Funds; Timing Of Transfers Raises Suspicions

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KEY POINTS

  • FTX was hacked just a day after it filed for bankruptcy
  • It was initially rumored that the withdrawals from FTX were done by the Bahamian regulator
  • The identity of the FTX hacker still remains a mystery

For the first time since last year’s FTX hack, a wallet address connected to the alleged hacker moved around $17 million in funds. The timing of the transfers raises suspicions as the co-founder of the now-defunct crypto empire, Sam Bankman-Fried, is set for his first criminal trial this Wednesday.

The wallet address 0x3e957, which has $600 million in crypto assets, transferred a total of eight million using the smart contract system RailGun and the cross-chain decentralized liquidity protocol Thorchain on Saturday, data from blockchain firm Arkham Intelligence revealed.

The person behind the address made two transactions and transferred 2,500 ETH, with each batch worth around $4 million.

AI-powered on-chain analytics platform Spot On Chain on Sunday shared an update on the FX hacker’s movement and revealed it has collectively made transfers of more than 10,000 Ether (ETH), worth around $17 million, from five separate addresses.

The addresses were inactive over the past several months before the latest activity.

Such transfers are often interpreted as a selling activity, which could impact the price of Ether and retail investors.

The timing of the transfers, however, raised suspicions within the crypto community, especially since Bankman-Fried’s first criminal trial is scheduled for this Wednesday.

The crypto community also anticipates the official rollout of Ethereum Futures ETH as early as Monday in the U.S., which could inspire an uptrend in the price of Ethereum.

“SBF requested a laptop w/out internet access just a few days ago and the judge has approved that. I just say,” an X user commented, while another simply tweeted “SBF.”

A day after Bankman-Fried and his inner circle resigned from their posts at FTX and the crypto empire, along with several of its affiliated companies, filed for bankruptcy last November, the new management of the crypto empire revealed that an unknown attacker siphoned millions of funds from the platform.

It was initially speculated the transfer of funds was made by the Bahamian regulator, but it was later proven incorrect.

An on-chain sleuth, who goes by the X handle @zachxbt, disproved claims that the Bahamian government was behind the hack, the hacker was trading meme coins and that crypto exchanges knew the true identity of the FTX drainer.

Blockchain analysis firm Chainalysis had the same conclusion as the on-chain sleuth.

“Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators,” the firm said in a tweet.

Arkham CEO Miguel Morel said the exploiter didn’t appear to be very sophisticated, noting, “They’ve hastily tried to do whatever they can with the funds, seemingly without much of a plan.”

FTX CEO John J. Ray III at the time confirmed “unauthorized access to certain assets has occurred,” and underlined that the crypto business was in touch with law-enforcement officials and regulators.

The identity of the FX hacker remains a mystery until now.

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