New blockchain analysis suggests links between the massive $477 million hack of cryptocurrency exchange FTX and Russian cybercriminal organizations.
According to Elliptic, a significant portion of the stolen inflation-still-hot-as-crypto-market-awaits-fed-pivot">crypto funds were mingled with money tied to Russian ransomware groups and darknet markets. This points to potential involvement of Russia-linked intermediaries.
The stolen assets were largely inactive for months before being converted to Bitcoin and laundered through mixers like ChipMixer. Nearly $100 million worth was sent through RenBridge to the Bitcoin blockchain.
Elliptic notes the sophisticated laundering methods point to professional cybercriminals rather than an inside job. However, the timing of the hack shortly before Sam Bankman-Fried’s trial and FTX’s known security lapses do raise suspicions.
North Korea’s Lazarus Group is another suspect due to the use of the Sinbad mixer. But the tactics appear less sophisticated than typical for the entity.
While the perpetrator remains unclear, the blockchain analysis provides the first solid lead in the ongoing investigation into one of crypto’s biggest hacks. The Russian connections warrant further scrutiny as authorities attempt to unravel the FTX debacle.
