FTX Hack: Hacker Transfers $51 Million in Ethereum as Former CEO Prepares for Trial
In the wake of the FTX security breach, where 5,000 Ethereum (ETH) valued at $8 million were illicitly obtained, the hacker responsible has continued to relocate stolen assets. The most recent transfer involves an additional 25,000 ether, equivalent to $43.15 million. Astonishingly, the FTX hacker retains control over 155,749 ETH, valued at just over $268 million.
Significant Ethereum Transfers by the FTX Hacker
Over the past three days, the individual behind the FTX theft orchestrated a series of transfers totaling 30,000 ETH, amounting to approximately $51.15 million based on the current market value of ETH. These transfers varied in size, with two initial transactions of 2,500 ETH each, followed by subsequent movements of 1,250 ETH, 2,500 ETH, 1,500 ETH, 4,750 ETH, and two separate transfers of 7,500 ETH each.
In addition to this substantial ETH holding, the hacker’s portfolio includes 3.97 million tether (USDT), 1.68 million DAI, and 1.57 BTC, as well as an assortment of other cryptocurrencies and ERC-20 tokens. Notably, these developments coincide with the upcoming trial of Sam Bankman-Fried, the former CEO of FTX, scheduled for October 3, which also marks the initiation of the jury selection process. Speculation has arisen concerning the possibility of the FTX wallet hack being an inside job, primarily due to the timing of these fund transfers.
FTX CEO’s Trial and Ongoing Speculations
In a conversation with reporter Tiffany Fong, Bankman-Fried suspected that the perpetrator, potentially a former employee, might have had insider knowledge. He remarked, “I’ve narrowed it down to approximately eight individuals, but I cannot definitively identify the culprit.” The security breach was initially discovered on the same day FTX declared bankruptcy. Ryne Miller, former FTX US General Counsel, revealed that the team diligently investigated discrepancies in FTX account balances.
The FTX security breach highlights the ongoing challenges in securing cryptocurrency assets. As investigations continue and the former CEO’s trial approaches, the crypto community must prioritize robust security measures to protect against such threats. This incident underscores the need for vigilance, audits, and proactive risk management in the evolving crypto landscape. We can strive for a safer and more secure cryptocurrency ecosystem by learning from such incidents.