Last updated on November 19th, 2023 at 11:04 am
Just a few days before the trial of Sam Bankman-Fried begins, the defunct FTX platform was reportedly attacked by a hacker who has moved a substantial amount of funds through privacy tools like THORChain and RailGun.
The identified wallet which has been dormant for over 10 months became active on September 30. Since the resurgence, it has moved roughly $38 million worth of Ethereum across several transactions.
According to data from Spot on Chain – an AI-powered blockchain analytics platform, the wallet first transferred 6,250 ETH (worth $10.5 million) across 3 transactions about 2 days ago.
The first and second transactions moved 2.5k ETH (worth $4.34 million) each to different addresses. The third transaction carried 1.25k ETH (worth $2.170 million) to another address.
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On October 1, the hacker continued by transferring about 12,250 ETH through the THORChain privacy tool across two transactions according to data from Arkham Intelligence.
Spot on Chain also reported on the same day that the exploiter’s address moved 19,999 ETH worth $30.1 million across two separate transactions. Furthermore, 2,500 ETH (worth $4.19 million) was swapped to 153.4 tBTC (worth $27,281) at an average price of $27,281.
🚨 FTX Exploiter 0x3e9 has transferred out a total of 10,250 $ETH ($17.1M) via 5 addresses over the past 24 hours:
– sent 7,749 $ETH ($13M) to the Thorchain router and Railgun contract
– swapped 2,500 $ETH ($4.19M) to 153.4 $tBTC at $27,281 on avg
Notably, the address has been… https://t.co/xzmDz8Vmma pic.twitter.com/4Ykp0zih6G
— Spot On Chain (@spotonchain) October 1, 2023
Over the weekend, the hacker cumulatively moved 22,500 Ethereum tokens (approximately worth $38 million). These were carried out across 7 transactions. Interestingly, the incident comes shortly before the start of the FTX founder SBF trial which commences on October 4.
Also, this is the first time the wallet has been active since the hack of FTX about 10 months ago. Following its bankruptcy declaration in November 2022, the company was hacked for $400 million the next day.
Community reactions
The incident has drawn speculations across the crypto community as to the identity of the perpetrator. While the identity of the hacker is still unknown, some guess that it is probably an inside job given the timeline of both attacks.
Interestingly, the hacker’s address still holds a staggering $288.6 million worth of digital assets according to data from Arkham Intelligence. Assets held by the wallet include 163,249 ETH, 1.685 million DAI ($1.69 million), USDT worth $3.97 million and 1.57 BTC.
Source: Arkham Intelligence
In the meantime, the question as to the potential effect of the transfers on the price of Ethereum arises. The crypto community is worried that the incident might affect the upward trend of ETH. Ethereum has recovered significantly over the last few days, with its price rising as much as $1,731 at press time. This signifies a 2.61% rise in the last 24 hours.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.