Key Takeaways:
- The digital wallet linked to last year’s $600 million FTX theft saw recent activity.
- The suspect moved $4.2 million worth of ETH tokens from this wallet.
One Year After FTX Exchange Hack, Over $4 Million in Stolen ETH Resurfaces in Recent Transactions. Spot On Chain, a blockchain data analysis platform, has detected activity related to the stolen funds from the FTX exchange hack that took place over a year ago, resulting in the loss of more than $600 million worth of ether (ETH).
On Saturday, September 30th, approximately 2,500 ETH, valued at over $4 million, was transferred from a wallet connected to the individual responsible for draining FTX accounts.
This development adds a fresh layer of complexity to the ongoing saga that unfolded shortly after FTX declared bankruptcy and its founder, Sam Bankman-Fried, stepped down. The data reveals two separate transactions, each involving the movement of 2,500 ETH,
collectively worth $4 million.
Such transfers are often associated with selling activity, potentially influencing the price of ETH and impacting smaller investors.
Furthermore, the imminent launch of various Ethereum exchange-traded funds (ETFs) in the United States could potentially propel ETH into a bullish trend, adding another element to the evolving narrative surrounding the stolen funds.
This development came a few days after the Securities and Exchange Commission (SEC) cleared the path for crypto-focused investment firm Valkyrie to transform its Bitcoin Strategy ETF. The fund extended its investment horizon to include ether (ETH) futures contracts, marking a significant development in the ETF space.
Approximately 700 ETH had been transferred through the Thorchain Router, which acted as a bridge, allowing users to swap tokens across various blockchains while preserving wallet anonymity. Another 1,200 ETH had passed through the Railgun privacy wallet, a platform designed for token storage and facilitating DeFi activities like lending and borrowing.
These transactions were shielded from public view, adding complexity to the task of determining the exact utilization of these funds. Meanwhile, the remaining 550 ETH stayed in an intermediary wallet. It’s essential to emphasize that a substantial amount of funds, totaling 12,500 ETH and valued at around $21 million based on current prices, remained within the original wallet.
