FTX hacker is reportedly moving funds in order to avoid authorities

FTX hacker

According to Etherscan data, the alleged hacker responsible for the theft of hundreds of millions of dollars from the bankrupt cryptocurrency exchange FTX is moving the funds around to different wallets to avoid detection.

FTX Accounts Drainer sent $16 million in 15,000 ETH to 12 new on-chain addresses on Monday night. More so, some crypto analysts noted that the attacker is attempting to divide the loot into smaller amounts in order to elude investigators through a process known as “peel chaining.”

According to Chainalysis, the hacker may also intend to send his funds to a crypto mixer.

Crypto mixers are used by privacy advocates but also by cybercriminals to conceal the origins of illicit cryptocurrency.

According to the new FTX Chief Restructuring Officer, John Ray, the amount stolen from the hacker is more than $372 million.

Some reports put the figure at more than US$600 million, but other analysts have pointed out a conflation between the hack and funds taken out of FTX’s exchange for security reasons by the Bahamian government.

The funds were withdrawn from FTX on November 11, the same day that the company filed for chapter 11 bankruptcy.

Last week, Sam Bankman-Fried, the ex-CEO of FTX, told Vox news that the hacker was most likely an ex-employee or had access to their computer.


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