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Friday, January 27, 2023

FTX Hacker Portioned Off Stolen Funds To OKX

The hackers had drained FTX of around $450 million worth of assets just a few moments before this crypto exchange went on to file for bankruptcy. The file for bankruptcy took place on the 11th of November, after which the hackers kept moving the assets around in their effort to launder this money.

One crypto analyst, who went by the name ZachXBT went on Twitter and alleged that the hackers of this crypto exchange had already transferred a significant portion of the stolen funds to the exchange of OKX after using the Bitcoin mixer called ChipMixer. The analyst went on to report that close to 225 BTC- which was worth $4.1 million- had been sent to OKX so far. 

FTX Hacker Tried To Launder Loot After Exchange Declared Bankruptcy

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According to this Twitter analyst, the FTX hacker first started depositing the Bitcoin into ChipMixer on the 20th of November after using the Ren Bridge- a protocol that acts as the major bridge for cryptocurrencies. In his analysis, ZachBXT went on to claim that he had been observing a pattern with addresses that received funds from the ChipMixer.

According to him, every single address followed a similar pattern; “withdrawal from CM”, “50% peels off”, and then “50% deposited to OKX.” Following this discovery of the deposits that were made to this exchange, the director of OKX went on Twitter to share that the exchange had been made aware of this situation and the team was currently investigating the entire wallet flow.

On the 12th of November, Cointelegraph reported that the hack had been flagged just after FTX went on to declare bankruptcy. At this time, out of the $663 million that had been drained, close to $477 million were suspected to be stolen.

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