A hacker took advantage of FTX’s financial woes and looted roughly €600M worth of cryptocurrencies on Friday. As a result, the looter has been moving funds effortlessly to a chain that is untraceable, but blockchain’s transparency has already caught up with him.
The beginning of the hack
The hacker converted most of the stolen funds into ETH, and he left a blockchain trail of his suspicious transactions.
According to tweets reported by people familiar with the matter, the FTX hacker address converts many ETH into BTC. 30,000 ETH have been exchanged into RenBTC, and 1070 BTC have been transferred to the BTC network.
According to more reports, the hacker dumped 50,000 ETH and now holds 200,000 Ethereum. According to the bankrupt company’s official Telegram channel, the system had been compromised and users should not install any upgrades or maintain FTX applications.
The hacker began exchanging thousands of stolen Airbnb crypto tokens for Ether and BUSD within a few days of the attack. According to the latest reports, the hackers cross-chained renBTC to the Bitcoin chain regardless of market depth and premium.
There is a 4% market premium at the moment. Moreover, a large amount of arbitrage funds cross-chaining Bitcoin to renBTC has led to a rapid increase in ren issuance.
The hacker’s crypto wallet
According to Whale Alert, the hacker transferred 3,057 ETH (€ 30,117,267M) from the FTX to a wallet unknown after the swap. There are several addresses connected to the hackers, but the main one holds more than 290,000 ether, making the drainer among the 35 largest Ether holders.