Alex Dovbnya
$8 million in Ethereum is transferred just before the upcoming trial of founder Sam Bankman-Fried
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Contents
- A huge hack
- The upcoming trial against SBF
According to PeckShieldAlert, a person linked to the FTX hack allegedly transferred approximately $8 million in Ethereum (ETH) to Bitcoin (BTC). This transfer was carried out using Thorchain, a decentralized exchange that enables cross-chain swaps, allowing the hacker to convert the ETH holdings into BTC.
A huge hack
These transactions represented another movement of Ether that had been in the compromised wallet since the hack nearly a year ago.
For the uninitiated, FTX suffered a major security breach on November 11th involving approximately $600 million worth of unauthorized withdrawals. Some believed the attack was an inside job.
The exploit came just hours after FTX filed for bankruptcy protection and founder Sam Bankman-Fried resigned from his position.
Shortly after the hack, blockchain experts suspected that the attacker showed signs of panic and hastily moved and converted tokens to avoid detection, incurring significant losses in the process.
The upcoming trial against SBF
FTX’s tumultuous decline shocked the industry with the rapid unraveling of Bankman-Fried’s once-thriving $40 billion crypto empire.
Bankman-Fried is scheduled to stand trial starting Oct. 3. The charges against him include fraud and conspiracy. The former FTX manager pleaded not guilty to all counts and faces a possible maximum sentence of 115 years if convicted.
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