Blockchain Analytics Firm Issues Warning, Says Over ,000,000 In Crypto Stolen From FTX On The Way

Blockchain Analytics Firm Issues Warning, Says Over $60,000,000 In Crypto Stolen From FTX On The Way

Market research firm Chainalysis warns that the bad actor responsible for draining funds from FTX is moving $60 million worth of crypto assets.

Chainalysis issued the warning over the weekend, encouraging crypto exchanges to be wary if the hacker tries to cash out.

According to the blockchain analytics firm, the exploiter used the decentralized finance platform Ren (REN) to convert tens of millions of dollars worth of Ethereum (ETH) into renBTC, an ETH-based token pegged to the value of Bitcoin (BTC) that allows the user to transfer crypto asset across different blockchains.

explains chain analysis,

“Funds were bridged from ETH to BTC, likely mixed prior to a cashout attempt. In Reactor you can see the movements of this morning.”

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Source: Chain Analysis/Twitter

Blockchain security firm PeckShield confirms the move of the FTX operator.

“FTX Accounts Drainer 1 currently holds 200,735.1 ETH (~$235.5 million) and drops to the 37th largest holder of ETH (from 27th). FTX Accounts Drainer 1 transferred 50,000 ETH (~$58.5 million) to 0x866E, then 0x866E exchanged this ETH for ~3,517 renBTC and bridged.

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Source: Peckshield/Twitter

Earlier this month, FTX general counsel Ryne Miller released a statement on the company’s Telegram channel, saying the exchange had been hacked. On-chain data showed that nearly $400 million worth of crypto was moved from the exchange’s wallets to unknown Ethereum addresses.

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Featured image: Shutterstock/Mia Stendal/HobbitArt

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