The mastermind behind the FTX hack of 2022 has changed their game plan for laundering the stolen Ethereum into Bitcoin. On October 6th, the on-chain analyst Lookonchain noticed a shift in tactics. The hacker, responsible for last year’s FTX breach, had ceased using THORChain and had begun exploiting the Threshold Network instead.
According to Lookonchain’s data, the attacker converted more than 3,000 Ether (ETH) with an approximate value of $4.9 million into tBTC via the Threshold Network. Since then, the attacker has successfully converted approximately 75,636 ETH, valued at $124 million, into Bitcoin, while another 109,485 ETH, worth roughly $180 million, remains in their wallet.
Previous reports indicated that the attacker favored THORSwap, but this platform entered maintenance mode on October 6th to prevent further illicit activities. This decision followed extensive internal deliberations and consultations with legal and law enforcement bodies. THORSwap will remain on hold until a robust security solution can be implemented.
Before THORChain went into maintenance, the FTX exploiter had moved at least $38 million worth of ETH through it, along with the privacy-focused platform Railgun.
Initially, damage estimates from the hack were as high as $400 million, but FTX later revised the losses to approximately $323 million.
The identity of the individual responsible for the attack remains uncertain, although speculation within the cryptocurrency community has sometimes pointed fingers at the controversial FTX founder, Sam Bankman-Fried. He is currently facing trial for wire fraud and conspiracy to commit money laundering. Bankman-Fried vehemently denies any involvement in the theft, but the significant movement of stolen funds during his trial has reignited suspicions of potential insider involvement.
