FTX Hacker Moves Millions in Cryptocurrency, While Sam Bankman-Fried’s Trial Unfolds

Crypto World Grapples with Heist as Former FTX CEO Faces Legal Battle

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In a startling turn of events, the crypto world is buzzing with the recent activity of the FTX exploiter, who has moved a staggering $36.8 million worth of Ether (ETH) in the last 24 hours.

This comes as the trial of the ex-CEO of the defunct crypto exchange, Sam Bankman-Fried (SBF), kicked off on October 3, with SBF pleading not guilty to seven counts of fraud and money laundering charges.

The exploiter’s actions have raised eyebrows across the cryptocurrency community, as it marks a resurgence of their nefarious activities after nearly 10 months of silence.

The exploit initially began on November 11, 2022, when accounts related to FTX and FTX US were emptied shortly after FTX declared bankruptcy.

The attacker managed to seize over $600 million in ETH during the hack, which sent shockwaves through the industry.

FTX general counsel Ryne Miller had then informed traders about the hack, attributing it to malware.

Following the breach, approximately 2,500 ETH, valued at over $4 million, were observed in motion.

Some of the funds were eventually recovered, but a significant portion was laundered through various means, including the THORChain Router and Railgun privacy tool.

The recent hackers activity has shed light on the extent of the breach, with a total of 67,500 ETH being transferred out of 5 out of the 15 wallet addresses linked to the FTX exploiter.

Notably, 64,948 ETH (equivalent to $108 million) was routed through the THORChain router, while 52 ETH ($84,000) was directed to the Railgun contract.

Additionally, 2,500 ETH (approximately $4.19 million) was converted into Bitcoin (tBTC).

Sam Bankman Fried’s Trial

Simultaneously, in the courtroom, Sam Bankman-Fried’s trial has begun. SBF, once a prominent figure in the crypto space, has pleaded not guilty to all seven counts of fraud and money laundering charges.

The trial’s second day witnessed the Department of Justice and SBF’s defense team presenting their statements before the jury.

The Department of Justice focused its arguments on SBF’s alleged role in misleading investors on the platform, while the defense portrayed Bankman-Fried as a young entrepreneur who made business decisions that didn’t pan out as expected.

As the trial unfolds and the FTX exploiter’s activities continue to capture attention, the crypto community awaits both the verdict on the legal front and further developments in the ongoing saga of the FTX hack.


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