1 year ago
Close to a twelvemonth has passed, and the hacker liable for the staggering $477 cardinal heist from the now-defunct crypto speech FTX inactive remains elusive. Yet, Elliptic, a starring blockchain analytics firm, has meticulously mapped the intricate travel of the stolen funds, shedding airy connected the culprit’s attempts to launder and disguise their activities. Allegedly, a information of the pilfered assets person been mingled with bitcoins linked to notorious Russian cyber gangs.
Elliptic Maps Stolen FTX Crypto Trail, Links to Russian Cyber Gangs
In a tumultuous November 2022, FTX declared bankruptcy. On that aforesaid day, its CEO, Sam Bankman-Fried (SBF), faced accusations of misappropriating lawsuit funds. Seizing the moment, a crafty hacker pilfered a staggering sum from FTX’s exposed wallets. As Elliptic’s recent findings indicate, the cybercriminal swiftly initiated a laundering spree crossed decentralized exchanges and cross-chain portals to blur their tracks and ward disconnected plus confiscation.
Using platforms similar Renbridge, the hacker deftly exchanged the stolen tokens for mainstream crypto assets specified arsenic ether, past channeled these funds into bitcoin. Elliptic said implicit $74 cardinal flowed done Renbridge, a level ironically nether the umbrella of FTX’s sibling firm, Alameda Research. To adhd different furniture of obscurity, the hacker dispatched the bitcoin done mixing services similar Chipmixer, Elliptic’s survey reveals.
For astir 9 months, a sizable chunk of ether, amounting to much than $300 million, laic untouched successful the perpetrator’s integer vault. But arsenic September 2023 drew to a close, the hacker reignited laundering operations, employing caller cross-chain bridges and bitcoin mixers, arsenic earlier ones faced restrictions oregon confiscations.
Through tracking efforts, Elliptic’s sleuths pinpointed instances wherever the laundered funds surfaced connected exchanges, having been blended with different transactions. Elliptic claims these transactions intersected with accounts tied to cybercriminals operating from Russia. While the hacker’s existent individuality remains shrouded successful mystery, specified clues hint astatine the anticipation of the offender hailing from Eastern Europe, diverging from earlier suspicions of North Korea’s notorious Lazarus Group.
What bash you deliberation astir Elliptic’s probe study that claims the FTX hacker funneled funds done Russian cyber gangs? Share your thoughts and opinions astir this taxable successful the comments conception below.
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