FTX Hacker Walks His Loot On Ethereum (ETH)


A hack and it starts again – We are currently living in sadly turbulent times, since the bankruptcy of FTX. While withdrawals were blocked last week due to liquidity problems, a new event came to stir the knife in the wound. A hacker targeted the wallets of the exchange and siphoned them. About $400 million were thus stolen and begin to be exchanged for ETH.

The FTX hacker resumes service on the ETH blockchain

Not a day goes by without new twists in the FTX case. Although the platform Kraken managed to identify the pirate, that doesn’t seem to stop him. The inspector on chain ZachXBThelped by employees of FTX, was able to confirm that these withdrawals were not of their making and therefore that they were abnormal.

This notably enabled Etherscan to label these addresses as belonging to the hacker.

The address of the FTX hacker is clearly identified on Etherscan

The blockchain analytics firm peck shield actively leans on his on-chain activity. She noted suspicious movements on his part. The hacker is probably trying toexchange your DAIs (stablecoin) against ethereum tokens.

One of the addresses used by the hacker received approximately 21,155 ETH (~$27 million) from other addresses involved in the heist, such as the Peckshield report. The receiving address then approved a smart contract allowing it to exchange your DAI for Ethers.

The hacker changes his war chest into ETH

Hacker address approves DAI exchange – Source

Here are the successive operations of the wallet:

  • 3 million DAI exchanged for 2,358 ETH
  • 5 million DAI exchanged for 3,907 ETH
  • 10 million DAI exchanged for 7,783ETH
  • 10 million DAI exchanged for 7,773 ETH
  • 10 million DAI exchanged for 7,785 ETH
  • 10.27 million DAI exchanged for 7,959ETH

Which gives the trifle of 37,565 ETH (~$47.5 million). But all the ramifications are not yet established… The hacker also exchanged 7,420 BNB (~$2.1 million) on the BSC before bridging them to the Ethereum blockchain.

Currently, the ETH address 0x59ABf3837Fa962d6853b4Cc0a19513AA031fd32b, shows a balance of 228,523 ETH ($288,799,279), according to the block explorer Etherscan. This makes her the 35th largest Ethereum token holder. This hack and its timing raise questions. So much so that some see it as an “inside job” on the part of Sam Bankman-Fried or one of his associates.

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