March 27, 2024
FTX Exploiter Transfers $36.8M in Ether as SBF Trial Commences
Latest Cryptocurrency News

FTX Exploiter Transfers $36.8M in Ether as SBF Trial Commences

The crypto wallet address associated with the FTX exploit has seen a movement of approximately $36.8 million worth of Ether in the past 24 hours. This activity comes as the trial of the former CEO of the defunct crypto exchange, Sam Bankman-Fried (SBF), continues.

On November 11, 2022, accounts linked to FTX and FTX.US were drained of $600 million shortly after the crypto exchange had filed for Chapter 11 bankruptcy. FTX’s general counsel informed traders about the hack, attributing it to malware and mentioning the recovery of some funds.

After nearly 10 months of inactivity, the FTX exploiter initiated the transfer of stolen funds, beginning with 10,250 ETH worth $17.1 million sent via four addresses between September 30 and October 1, according to data from Spot On Chain.

Initially, the exploiter held 175,496 ETH ($294 million), but the current balance in their portfolio has decreased to $196.014 million. Over the past few days, a total of 67,500 ETH has been moved from five out of the 15 wallet addresses associated with the FTX exploiter.

Out of this amount, 64,948 ETH ($108 million) was transferred using the THORchain router, 52 ETH (valued at $84,000) was sent to the Railgun contract, and the remaining 2,500 ETH ($4.19 million) was exchanged for Bitcoin (tBTC).

The trial of SBF in connection with the collapse of FTX commenced on October 3, with the entrepreneur pleading not guilty to all seven counts of fraud and money laundering charges.

On the second day of the trial, both the Department of Justice (DOJ) and SBF’s defense team presented their statements to the jury. The DOJ continued to emphasize SBF’s alleged role in misleading investors on the platform, while the defense argued that Bankman-Fried, as a young entrepreneur, had made business decisions that “didn’t work out.”

Image by wirestock on Freepik

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