Here’s What’s Happening to Crypto Stolen from FTX

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Alex Dovb­nya

The cryp­tocur­ren­cy funds stolen from the FTX exchange are cur­rent­ly on the move, accord­ing to blockchain sleuth Chainalysis 

Accord­ing to blockchain sleuth Chainal­y­sis, funds stolen from the fall­en FTX exchange are cur­rent­ly on the move

The firm says that cryp­tocur­ren­cy exchanges should be “on high alert” if the hack­er decides to cash out their holdings. 

Chainal­y­sis has refut­ed reports about the stolen funds being alleged­ly sent to the Secu­ri­ties Com­mis­sion of the Bahamas.

On Nov. 18, the SCB acknowl­edged order­ing the trans­fer of FTX’s assets to a cold wal­let for safe­keep­ing. How­ev­er, the reg­u­la­tors actu­al­ly received a por­tion of FTX’s cryp­to that wasn’t touched by the bad actor. 

The stolen cryp­tocur­ren­cy funds were bridged from ETH to BTC, the firm says. This cryp­to is like­ly to go through coin mix­ers before the hack­er attempts to cash out the ill-got­ten funds. 

Chainal­y­sis adds that it remains in touch with its part­ners with­in the industry. 

Last week, FTX con­firmed a hack­ing inci­dent short­ly after fil­ing for bank­rupt­cy, which marked yet anoth­er dra­mat­ic twist in the rapid implo­sion of the cryp­tocur­ren­cy giant. Some start­ed spec­u­lat­ing about whether or not an FTX insid­er could be behind the hack. 

While the state­ment made by the Bahami­an gov­ern­ment did bring some clar­i­ty to the table, the fate of the remain­ing funds remains unclear. 

Accord­ing to ana­lyst ZachXBT, the first clue that a black­hat was behind the attack was when the address in ques­tion start­ed using plen­ty of bridges to make sure that the stolen cryp­to would­n’t be frozen. “The fact 0x59 was dump­ing tokens and bridg­ing spo­rad­i­cal­ly was very dif­fer­ent behav­ior from the oth­er address­es who with­drew from FTX and instead sent to a mul­ti­sig on chains like Eth or Tron,” the user wrote.   



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