The hacker utilized Thorchain, a decentralized crypto exchange, to swap the ETH looted from FTX into BTC. This marks the continued shuffling of assets from the breached FTX wallet nearly one year later.
The massive FTX hack occurred on November 11th, 2022, with over $600 million withdrawn in unauthorized transactions. Some suspect it was an inside job, as it happened just hours after FTX filed for bankruptcy and Sam Bankman-Fried resigned as CEO.
Experts observed the hacker hastily moving and converting tokens in an apparent panic post-exploit, likely attempting to evade detection despite significant losses on the swaps.
FTX’s shocking collapse erased Bankman-Fried’s $40 billion crypto empire practically overnight. He now faces trial starting October 3rd on fraud and conspiracy charges, facing up to 115 years in prison if convicted.
As the fallout continues, the hacker still shuffles assets from the breach when able. The $8 million ETH-to-BTC swap through Thorchain shows the attack’s impact persists, as the perpetrator moves funds around almost a year later.
The hacker’s ongoing token conversions also indicate they have yet to fully cash out or launder the stolen crypto. The industry will continue monitoring the wallet addresses associated with the FTX breach.
