In a surprising update, the FTX attacker has once again made headlines by moving another $12 million into Bitcoin (BTC) in what can be described as a sinister move.
FTX Attacker Crypto Mixer Tactics
Blockchain analytics platform Arkham Intelligence has revealed the latest developments on X, raising concerns within the crypto community. According to Arkham, the attacker would have to deposit the transferred funds into crypto mixers, a method that adds a layer of complexity to tracking illicitly obtained assets.
Arkham Intelligence noted that during the last Bitcoin transfer on January 6, the attacker had mixed in over $600 million worth of BTC. At the time, nearly all of the stolen BTC was moved from the attacker’s known accounts, leaving only 1.5 BTC behind.
The use of crypto mixers adds a layer of anonymity to illicit transactions, making it difficult for authorities and blockchain analysts to trace the origin and destination of funds. The attacker’s use of this technique raises concerns about the growing sophistication of malicious actors within the crypto space.
Thorchain and cross-chain exchange
In a previous incident reported last year, the FTX attacker allegedly transferred approximately $8 million in Ethereum (ETH) to BTC using Thorchain, a decentralized exchange that facilitates cross-chain trades. This method allowed the hacker to convert ETH holdings into BTC, demonstrating a level of sophistication in his tactics.
For those unfamiliar with the situation, FTX suffered a major security breach on November 11, resulting in unauthorized withdrawals amounting to approximately $600 million. The attack raised suspicions that it was an inside job, as it occurred shortly after the company filed for bankruptcy protection and founder Sam Bankman-Fried stepped down from his role as CEO.
The ongoing FTX attacker drama highlights the challenges faced by the crypto community in combating sophisticated threats. The use of crypto mixers and cross-exchanges adds complexity to the monitoring of illicit transactions, highlighting the need for strengthened security measures and regulatory frameworks within the crypto space.
