FTX Drainer Swaps Stolen Crypto, Becomes 35th-Largest ETH Holder

The funds were converted to DAI stablecoins and connected to the Ethereum network through a bridge.

During the European morning hours on Tuesday, whomever was responsible for the $600 million hack of the crypto exchange FTX last week began transferring the stolen assets.

Friday night, the cash were stolen from FTX’s cryptocurrency accounts. Almost immediately afterwards, the exchange announced on its official Telegram channel that it had been infiltrated, telling users not to install any updates and to remove all FTX applications.

Multiple addresses related to the accounts drainer have moved almost $27 million, or 21,555 ether (ETH), to a single address today. According to blockchain data, they were eventually changed to stablecoin DAI using the trading service CowSwap.

Almost the course of many transactions, the addresses acquired over $48 million in DAI and exchanged it for 37,000 ether. The address currently possesses more than 288,000 ether and is the 35th-largest holder of the cryptocurrency, according to blockchain statistics from security company PeckShield.

Using the BNB Chain-based exchange PancakeSwap, 7,420 BNB coins that were stolen and valued at well over $2 million were turned into 1,500 ether. The exploiter then connected the converted ether to the Ethereum network over a bridge.

Comments

Post a Comment

Popular posts from this blog

FTX seeks $175M settlement with Genesis entities to resolve dispute

However, FTX creditors express discontent and urge the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. FTX, the troubled cryptocurrency exchange, and its CEO John J. Ray III have filed a motion seeking to reach a settlement of $176 million with Genesis entities.  As per a legal document, FTX Trading and related debtors have formally requested a court mandate to resolve their disagreement with Genesis entities , aiming to settle claims amounting to nearly $176 million. The claims put forth by Genesis entities involve around $176 million in customer claims against FTX Trading and its affiliates. However, FTX creditors expressed discontent and have urged the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. They point to Alameda's transfer of significant FTX customer funds to Genesis in 2022 as a concern. FTX asks court to settle Genesis dispute for a $175 million Genesis claim, the release of a $175 million customer
Read more

JPMorgan debuts tokenization platform TCN with BlackRock among key clients: Report

The platform enables the conversion of traditional assets into digital assets and makes way for faster and more secure settlements on-chain. American banking giant JP Morgan debuted its in-house blockchain collateralization platform called Tokenized Collateral Network (TCN) on Oct. 11, reported Bloomberg. TCN settled its first trade for asset management giant BlackRock. Tokenized Collateral Network is an application that allow investors to utilize assets as collateral. Using blockchain technology they can transfer collateral ownership without moving assets in underlying ledgers. The TCN network in its first public collateralized trade between JP Morgan and BlackRock turned shares of one money market fund into digital tokens, which were then transferred to Barclays Plc as security for an over-the-counter derivatives exchange between the two companies. The first internal test of TCN was conducted by JPMorgan in May 2022 and has a pipeline of other clients and transactions now that T
Read more

OpenSea ex-manager retracts bail request amid ongoing appeal

Nathaniel Chastain, a former product manager at NFT marketplace OpenSea, has opted to begin his three-month prison term for insider trading. On Sept. 6, the legal representatives of Nathaniel Chastain submitted a letter to a New York District Court, notifying the judge that Chastain has chosen to retract his bail application while the appeal is ongoing . As per the court’s earlier verdict, he will willingly surrender himself by Nov. 2 to start serving his sentence while the appeal is being reviewed. Earlier in May, Chastain was convicted of wire fraud and money laundering, marking the first insider trading case in the NFT sector. The former OpenSea executive was charged with exploiting confidential data to earn substantial profits by purchasing NFTs shortly before they were featured on OpenSea’s homepage, where their value would surge instantly. Chastain allegedly capitalized on this inside information, selling the NFTs at a higher price once their value escalated, breaching
Read more