FTX, a Bahamas-based cryptocurrency exchange established in 2019, has recently got hacked and lost $477 million.
According to the blockchain analysis firm Chainalysis, on November 20th, the stolen funds started moving. The company used Twitter to encourage crypto exchanges to look out for suspicious activity and freeze stolen funds if detected.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
Based on some data, initially, the hacker moved 25,000 Ethereum (ETH) to a different wallet and then converted it to 1,753 Bitcoin (BTC), worth around $28,000. On top of that, a little bit later, after the first transaction, the hacker swapped 50,000 ETH for 3,517 renBTC.
On November 20th, PeckShieldAlert revealed that the hacker currently holds 200,735.1 ETH, worth around $235 million. After draining FTX, the hacker had around 228,523 ETH worth approximately $285,000 and was the 35th largest Ethereum holder.
The data revealed that after converting some of its Ethereum (ETH) holdings, the hacker fell to the 36th position.
Some reports revealed that a hacker was actively converting its stolen crypto. The day after the hack, the thief exchanged 400 billion Shiba Inu tokens (worth around $3.9 million) for 2,346 Ethereum (ETH). Afterward, the hacker swapped another batch of 37,570 ETH for $48.2 million worth of DAI.
The news about the now-bankrupt crypto exchange FTX hack broke out on November 12th. FTX was drained for $663 million, from which $477 million were stolen, with $186 million moved by FTX.
It is worth noting that the hacker’s identity is yet to be unveiled publicly. However, just hours after the hack, Kraken’s Chief Security Officer Nick Percoco tweeted that the company knows the identity of the hacker.
The hacker’s ETH dumping spree has negatively affected Ethereum’s price. At the time of writing, Ethereum retails for $1,122.80, recording a 7.89% price drop.
by Gile K. – Crypto Analyst, BitDegree
Crypto News Alerts – Bitcoin, Ethereum & Cryptocurrency News