FTX hacker dumps 50,000 ETH, still among top 40 Ether holders

The hacker down the bankrupt cryptocurrency speech FTX started transferring their Ether (ETH) holding to a caller wallet code connected Nov. 20. The FTX wallet drainer was the 27th largest ETH holder aft the hack but dropped by 10 positions aft the play ETH dump.

The FTX hacker drained astir $447 cardinal retired of aggregate FTX planetary and FTX.US speech wallets conscionable hours aft the crypto speech filed for Chapter 11 bankruptcy connected Nov. 11. Majority of the stolen funds were successful ETH, making the exploiter the 27th largest ETH whale.

On Nov.20, the FTX wallet drainer 1 transferred 50,000 ETH to a caller address, 0x866E. The caller wallet code past swapped the ETH for renBTC (ERC-20 mentation of BTC) and bridged to 2 wallets connected the Bitcoin blockchain. One of the wallets bc1qvd…gpedg held 1,070 renBTC portion different wallet bc1qa…n0702 held 2,444 renBTC.

— CertiK Alert (@CertiKAlert) November 20, 2022

Crypto analytic radical CertiK aboriginal tracked the bridged renBTC connected bc1qvd…gpedg code and recovered that the code employed a wealth laundering method called peel concatenation to launder the renBTC.

A Peel concatenation is simply a method to launder a ample magnitude of cryptocurrency done a lengthy bid of insignificant transactions. A tiny information is ‘peeled’ from the subject’s code successful a low-value transfer. These incremental laundered funds are often transferred to exchanges wherever they tin beryllium converted to fiat currency oregon different crypto assets.

Related: FTX hacker is present the 35th largest holder of ETH

At the clip of the FTX hack, determination were 2 parties involved, 1 achromatic chapeau that managed to drain $447 cardinal and a achromatic chapeau that managed to determination $186 cardinal of FTX assets to acold storage. However, erstwhile Bahaman Securities and Exchange Commission released a announcement suggesting they are trying to determination assets from the FTX, it raised galore eyebrows, with galore claiming that the securities regulator was, successful fact, the achromatic chapeau down the exploit.

Did you spot this? Bahamian SEC claims to person (tried to?) "transfer each integer assets" to a integer wallet that they, not FTX, controls. If FTX is the achromatic hat, past isn't the Bahamian govt the achromatic hat?https://t.co/ddbEmx2nyq

— zkSTONKs (@zkSTONKs) November 20, 2022

On-chain expert ZachXBT highlighted the token transportation signifier of the achromatic chapeau wallet and said that the wallet was dumping tokens and bridging sporadically was a precise antithetic behaviour from the different addresses that withdrew from FTX and alternatively sent to a multisig connected chains similar Ethereum oregon Tron.

Looking astatine the question of funds and the techniques progressive successful the transportation of these funds, It’s improbable that FTX wallet drainer 1 is nether the power of the Bahamian authorities based connected today’s on-chain activity. The BTC enactment is accordant with a peel chain, a signifier of wealth laundering that would beryllium highly antithetic for a authorities bureau to beryllium progressive in.