FTX Attacker Shifts Bitcoin (BTC) in Most Sinister Way

  u.today 46 m

In a startling update, the FTX attacker has once again made headlines as they shifted another $12 million in Bitcoin (BTC) in what can be described as a sinister move.

FTX attacker’s crypto mixer tactics

Blockchain analytical platform Arkham Intelligence revealed the latest development on X, raising concerns within the crypto community. According to Arkham, the attacker is expected to deposit the moved funds into crypto mixers, a method that adds a layer of complexity to tracking illicitly obtained assets.

Arkham Intelligence noted that during the last Bitcoin transfer on Jan. 6, the attacker had mixed over $600 million worth of BTC. At the time, almost all of the stolen BTC was shifted out of the attacker’s known accounts, leaving only 1.5 BTC behind.

The use of crypto mixers adds a layer of anonymity to illicit transactions, making it challenging for authorities and blockchain analysts to trace the origin and destination of the funds. The attacker’s utilization of this technique raises concerns about the increasing sophistication of malicious actors within the crypto space.

Thorchain and cross-chain swaps

In a previous incident reported last year, the FTX attacker allegedly transferred around $8 million in Ethereum (ETH) to BTC using Thorchain, a decentralized exchange facilitating cross-chain swaps. This method allowed the hacker to convert the ETH holdings into BTC, showcasing a level of sophistication in their tactics.

For those unfamiliar with the situation, FTX suffered a major security breach on Nov. 11, resulting in unauthorized withdrawals amounting to approximately $600 million. The attack raised suspicions of being an inside job, as it occurred shortly after the firm filed for bankruptcy protection and founder Sam Bankman-Fried stepped down from his role as CEO.

The ongoing drama of the FTX attacker highlights the challenges faced by the crypto community in combating sophisticated threats. The use of crypto mixers and cross-chain swaps adds complexity to tracking illicit transactions, highlighting the need for enhanced security measures and regulatory frameworks within the crypto space.

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