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As disgraced FTX CEO Sam Bankman-Fried contends with legal battles in the courtroom, a hacker has reportedly seized the opportunity, attempting to launder over $470 million in cryptocurrency stolen from the exchange at the same time.that Sam Bankman-Fried, the disgraced founder of FTX, which was once a behemoth in the cryptocurrency exchange arena, is on trialof misusing customer funds, fraud, and money laundering.
The initial heist was executed with a level of precision that perplexed experts, involving the transfer of 9,500 Ethereum coins, then valued at $15.5 million, from an FTX wallet to a new one, followed by a flurry of transactions that saw hundreds of other cryptocurrency assets being pilfered from the company’s wallets, totaling a staggering $477 million.
Tom Robinson, co-founder of blockchain analysis firm Elliptic, noted, “Crypto launderers have been known to wait for years to move and cash out assets once public attention has dissipated, but in this case, they have begun to move just as the world’s attention is once again directed towards FTX and the events of November 2022.
Despite the crooks losing over $100 million in the weeks following the heist due to some assets being frozen or lost in processing fees, by December, around $70 million was successfully dispatched to a cryptocurrency mixer, a service used to launder Bitcoin and obfuscate its origins. The remaining stash, approximately $230 million, remained untouched until September 30, just before Bankman-Fried’s trial commenced.
A potential link to Russian cyber-crime has also been unearthed. Some of the stolen Bitcoin that was successfully laundered last year has been traced to a wallet known to be utilized by Russian-linked criminal groups. This could indicate the involvement of a broker or intermediary with connections to Russia, adding another layer of complexity to the unfolding drama.Marlow: The Evidence That Biden Doesn’t Care About National SecurityU.S.
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