In a surprising update, the FTX attacker has made the news again when displaced another $12 million worth of Bitcoin (BTC) in what can be described as an ominous move.
In a surprising update, the FTX attacker has made the news again when displaced another $12 million worth of Bitcoin (BTC) in what can be described as an ominous move.
FTX Attacker’s Crypto Mixer Tactics
Blockchain analytics platform Arkham Intelligence revealed the latest development about X, raising concerns within the crypto community. According to Arkham, the attacker is expected to deposit the moved funds into cryptocurrency 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 more than $600 million worth of BTC. At that time, almost all of the stolen BTC was taken out of the attacker’s known accounts, leaving only 1.5 BTC.
The use of cryptocurrency 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 increasing sophistication of malicious actors within the crypto space.
Thorchain and cross-chain exchanges
In a previous incident reported last year, the FTX attacker allegedly transferred around $8 million in Ethereum (ETH) to BTC using Thorchain, a decentralized exchange that facilitates cross-chain exchanges. This method allowed the hacker to convert ETH holdings into BTC, showing 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 worth approximately $600 million. The attack raised suspicions that it was an inside job, as it occurred shortly after the company filed for bankruptcy and founder Sam Bankman-Fried resigned as CEO.
The current FTX attacker drama highlights the challenges the crypto community faces in combating sophisticated threats. The use of cryptocurrency mixers and cross-chain exchanges adds complexity to tracking illicit transactions, highlighting the need for enhanced security measures and regulatory frameworks within the crypto space.
