FTX hackers have taken a new approach, converting a substantial amount of stolen Ethereum (ETH) into Bitcoin (BTC) using THORChain, a decentralized platform. The hackers transferred 15,000 ETH, which is equivalent to approximately $24.75 million, in a strategic move to further obscure their activities. This conversion not only highlights the scale of the hack but also showcases the hackers’ deliberate and methodical approach to covering their tracks, making it more challenging to trace and recover the stolen assets.
Since September 30, these hackers have conducted multiple transactions involving a total of 60,000 ETH across four different addresses, indicating their efforts to diversify their holdings and create confusion. They currently hold a staggering 125,735 ETH distributed across nine addresses.
The sophistication displayed by these hackers suggests a deep understanding of the crypto ecosystem, posing challenges for law enforcement and cybersecurity experts tasked with tracking and apprehending them. As the situation continues to develop, FTX users and the broader crypto community are closely monitoring the case, hoping for a breakthrough that could lead to the recovery of the stolen funds.