FTX Hacker Funds, Where Is It Going?

The monies that are suspected to have been stolen from the cryptocurrency exchange FTX, which has since filed for bankruptcy, are currently on the move and are likely bound for exchanges. This is happening at the same time that hackers are attempting to pay out the proceeds.

RenBridge (REN) is a protocol that permits decentralized cross-chain transactions between a range of different blockchains. This functionality is provided by the REN cryptocurrency. According to an update that was supplied by the company Chainalysis, which specializes in blockchain intelligence, the funds have already been converted from Ethereum (ETH) to Bitcoin (BTC) utilizing this protocol.

According to Chainalysis, the next step that will most likely take place is for the funds to be transferred to a coin-mixing firm in order to conceal where they originated from before the hackers attempt to cash out their stolen cryptocurrency. This step is expected to take place before hackers try to cash out their stolen cryptocurrency.

Chainalysis released a statement that read, “We are in discussion with our partners across the ecosystem as we endeavor to help safeguard as many assets as possible so that we can restore them to depositors.”

Note, however, that any future transfers between ETH and BTC through RenBridge are expected to become more difficult in the not-too-distant future. This is a significant point to keep in mind. RenBridge has already made the announcement that it would stop minting any further renBTC coins in the foreseeable future. And despite the fact that this information was made public for reasons that had nothing to do with the FTX attack, it would still imply that any remaining ETH that the hackers could be in possession of would need to be sold directly for fiat currency. This is the case despite the fact that the information was made public for reasons that had nothing to do with the attack.

When they indicated that the hackers are “actively dumping ETH on-chain,” a notable user on Twitter who goes by the name kamikaz ETH also called a notice to the issue that surrounds RenBridge.

The user indicated that the transaction was going place by saying, “He’s selling ETH to wBTC to renBTC through aggregators like 1inch.” This indicates that the transaction is taking place.

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Not immediately after the initial statement, the same account tweeted once more, alleging that the hackers had been pushed to “dump the ETH as quickly as possible” as a result of the freeze that RenBridge had just announced.

As of the beginning of Monday AM in Europe, there are reportedly 185,000 ETH still present in the principal wallet belonging to the hacker. This information comes from kamikaz ETH. This suggests that the exchange of ETH for BTC was still being carried out at this time.

The sequence of events that led up to the hack is surrounded by mystery.

Some individuals feel it must have been an inside job, while others have implied that the government of the Bahamas may also have been involved in some manner. However, it has not been determined who exactly emptied FTX for the money; nonetheless, some people believe it must have been an inside job.

Notably, FTX has also issued a warning on the money and asked exchangers to restore any currency that was taken in the incident. “Exchanges should take all means to secure these monies so that they can be returned to the bankruptcy estate,” reads a tweet that was posted on the official account for FTX’s Twitter account.

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