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Cryptocurrency enthusiasts closely watched as $36.8 million in Ether was transferred from the crypto wallet previously connected to the individual behind the FTX exchange hack. This shift occurred within a day, coinciding with the ongoing legal proceedings involving Sam Bankman-Fried, the former chief executive of the now-collapsed crypto platform.
Back on November 11, 2022, the FTX and FTX.US platforms suffered a significant setback. Their accounts lost $600 million mere hours following the crypto platform's announcement of its bankruptcy filing under Chapter 11. Ryne Miller, the FTX general counsel, cautioned traders about a malware-induced breach, urging them not to access the FTX website due to potential Trojan risks. Miller also mentioned that they had managed to recover some of the stolen assets.
The period after this hack saw no movement of the stolen funds for almost 10 months. However, things changed between September 30 and October 1 when the person behind the FTX breach began distributing the stolen money. They transferred 10,250 ETH, equivalent to $17.1 million, across four different wallet addresses, as Spot On Chain's data shows.
The total amount of Ether held by the hacker was initially an astonishing 175,496 ETH, equivalent to $294 million. As per recent data, this balance has decreased, standing at a current value of $196.014 million. The records further show that 64,948 ETH, roughly $108 million, was funneled through the THORchain router and another 52 ETH, approximately $84,000, directed towards the Railgun contract. The perpetrator also exchanged 2,500 ETH, or $4.19 million, for Bitcoin.
On October 3, the trial concerning Bankman-Fried and his association with FTX's downfall commenced. Despite facing seven charges of fraud and money laundering, he has maintained his innocence. In the courtroom, the Department of Justice underscored Bankman-Fried's purported deception of investors. Conversely, the defense emphasized that he was merely a budding businessperson who made a few ill-fated decisions.
