Moving Millions: The Latest in the FTX Hack Saga
In a dramatic turn of events, the crypto wallet address associated with the FTX exploiter has transferred approximately $36.8 million worth of Ether (ETH) in the past 24 hours. This comes as the court trials of Sam Bankman-Fried, the former CEO of the defunct crypto exchange, are underway.
A Costly Hack: $600 Million Drained from FTX and FTX U.S.
On November 11, 2022, just hours after FTX filed for bankruptcy, accounts linked to FTX and FTX U.S. were drained of a staggering $600 million. The breach was attributed to malware, as confirmed by FTX general counsel Ryne Miller in a communication to traders.
The Exploiter's Moves: $17.1 Million Transferred via Four Addresses
After a nearly 10-month silence, the FTX exploiter began moving the stolen funds. Spot On Chain data reveals that the transfer started with 10,250 ETH worth $17.1 million, split among four addresses between September 30 and October 1.
Decreasing Balance: From $294 Million to $196.014 Million
Initially holding 175,496 ETH ($294 million), the exploiter's current portfolio balance has now decreased to $196.014 million.
Transfers and Swaps: 67,500 ETH and Bitcoin Conversion
Since September 30, a total of 67,500 ETH has been transferred out of five wallet addresses linked to the FTX exploiter. Of this amount, 64,948 ETH ($108 million) was routed through the Thorchain router and 52 ETH ($84,000) was sent to the Railgun contract. The remaining 2,500 ETH ($4.19 million) was swapped for Bitcoin (tBTC).
The Trial of Sam Bankman-Fried
The trial of Sam Bankman-Fried, who faces seven counts of fraud and money laundering charges in connection with the FTX collapse, began on October 3. Bankman-Fried has pleaded not guilty.
Arguments in Court: DOJ Alleges Misleading Investors, Defense Cites Business Decisions
During the trial, both the Department of Justice (DOJ) and Bankman-Fried's defense team presented their statements to the jury. The DOJ focused on accusing Bankman-Fried of misleading investors on the platform, while the defense argued that he was a young entrepreneur who made business decisions that didn't succeed.
Stay Informed on the SBF-FTX Court Trials
Follow our updates to stay informed on the latest developments surrounding the court trials of Sam Bankman-Fried and the FTX crypto exchange.
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