The crash of FTX sent the crypto market reeling, FTX then filed for Chapter 11 bankruptcy. Just a day after FTX declared bankruptcy, its wallets were drained of more than $663 million in a variety of crypto assets, as reported by blockchain intelligence company Elliptic.
According to Elliptic, approximately $477 million of this was stolen while $186 million worth of over a hundred different tokens was believed to be moved into secure storage FTX itself. Blockchain data showed that the attacker has conducted multiple swaps and cross-chain transactions to convert assets to Ethereum. As of November 19, this hacker held more than 250,000 ETH by swapping altcoins and tokens on DEX exchanges. That way, the hacker has become the 27 largest Ethereum whale in the world.
However, early on Sunday Nov 20, the hacker began exchanging stolen ETH for Ren Bitcoin (RenBTC). Ren Bitcoin is an ERC-20 token that represents 1 BTC within the Ethereum ecosystem. The hacker first shifted 5000 ETH, then 10,000 ETH twice, and then finally a further 25,000 ETH to another wallet.
The hacker’s main wallet still holds more than 200,000 ETH worth nearly $240 million. It is still not clear why the hacker converted assets to BTC, as well as the reason for choosing renBTC. ETH price is plummeting at the time of writing because of the hacker’s move.
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