FTX Hacker Moves Loot Using Threshold While THORSwap Takes a Break

The FTX attacker, facing a changing landscape, has altered their tactics in the ongoing cryptocurrency saga.

This shift in strategy comes as THORChain-based THORSwap enters maintenance mode, disrupting the attacker’s previous method of converting stolen Ethereum into Bitcoin.

As of October 6th, on-chain analyst Lookonchain reported a significant development: the FTX exploiter was no longer using THORChain for moving the stolen funds. Instead, they had switched to another network for their activities.

The new platform of choice for the attacker is the Threshold network. A screenshot shared by the analyst revealed that the exploiter had executed more than 3,000 ETH to tBTC swaps through the Threshold Network Chain.

But what is tBTC? According to tBTC’s official website, this protocol acts as a decentralized bridge connecting the worlds of Bitcoin and Ethereum.

Its primary function is to facilitate the seamless conversion of users’ assets into an ERC-20 token, which is pegged at a 1:1 ratio to Bitcoin (BTC).

What sets tBTC apart is its approach to security and decentralization. It accomplishes this by enlisting a randomly selected group of node operators within the Threshold Network, avoiding the need for centralized intermediaries.

This innovative approach not only enhances the security of users’ assets but also establishes a robust defense mechanism against potential threats.

The FTX attacker’s ability to adapt to evolving circumstances in the cryptocurrency space is a testament to the dynamic nature of this digital realm. As one avenue closes, they explore new routes to achieve their objectives.