FTX Exploiter Links $8 Million in Ethereum (ETH) to Bitcoin (BTC)

An individual associated with the FTX hack allegedly transferred around $8 million in Ethereum (ETH) to Bitcoin (BTC), according to PeckShieldAlert. This transfer was achieved using Thorchain, a decentralized exchange that enables cross-chain swaps that allow the hacker to convert ETH holdings into BTC.

A massive hack

These transactions marked another movement of Ether held in the compromised wallet since the hack occurred almost a year ago.

For the uninitiated, FTX suffered a major security breach on November 11, with unauthorized withdrawals amounting to around $600 million. Some believed the attack was an inside job.

The exploit took place just hours after FTX filed for bankruptcy and founder Sam Bankman-Fried resigned from his position.

Shortly after the attack, blockchain experts suggested that the exploiter showed signs of panic, hastily moving and converting tokens in an attempt to avoid detection and suffering significant losses in the process.

The imminent SBF trial

The turbulent fall of FTX shocked the industry, with the rapid dissolution of Bankman-Fried’s once-flourishing $40 billion crypto empire.

Bankman-Fried is scheduled to face trial beginning Oct. 3, with charges including fraud and conspiracy against him. The former FTX executive has pleaded not guilty to all charges and, if convicted, faces a possible maximum prison sentence of 115 years.

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