‘FTX Drainer’ Resurfaces: Moves $8M ETH to Defi Platforms

Per onchain proof, the perpetrator dubbed the “FTX drainer” shifted 5,000 ethereum valued at roughly $8 million, gauged by at present’s alternate charges. This marked the primary motion of the funds in practically a yr, with the malefactor channeling the ether into the decentralized finance (defi) platforms Railgun and Thorchain Router.

‘FTX Drainer’ Diverts $8M in Ethereum

Shortly after the downfall of FTX, the alternate fell sufferer to a cyber intrusion on November 11, 2022, parting with a considerable quantity of ethereum (ETH) and ERC20 tokens. Following a handful of transfers post-hack, the funds lay dormant for nearly a yr.

However, on the daybreak of September 29, 2023, the malefactor opted to relocate 2,500 ether, and merely three hours ensuing, an extra 2,500 ETH was shifted from the identical handle. The crypto sphere buzzed with the information as onchain sleuths broadcasted the maneuvers on the social media discussion board X.

Arkham Intelligence reported, “Breaking: The FTX Hacker holding over $300M of property has moved ETH for the primary time since 2022. A complete of $8M up to now has been moved by way of Railgun and Thorchain.”

Thorchain serves as a decentralized cross-chain liquidity conduit allowing the alternate of property throughout blockchain networks, whereas Railgun is engineered as a wise contract framework that extends zero-knowledge privateness for any onchain decentralized utility on platforms like Ethereum, Polygon, Binance Smart Chain, and Arbitrum.

Both techniques might help cloak transactions and may probably muddle the hacker’s path. Despite the migration of 5,000 ETH, the antagonist nonetheless instructions a crypto arsenal value $308.93 million. The “FTX drainer’s” hoard encompasses an array of digital currencies like ETH, USDT, BTC, USDC, DAI, BNB, amongst others. The hacker’s ETH treasure stays the crown jewel, valuing $303.14 million, dispersed throughout 31 distinctive blockchain addresses.

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