FTX Hacker Has Started to Move Millions in ETH

The alleged hacker of FTX, the exchange founded and submerged into bankruptcy by Sam Bankman-Fried, has moved some of the funds stolen in one of the largest crypto heists back in November 2022.

The fall of FTX is one of the biggest bankruptcies in the crypto world. It's also linked to one of history's greatest crypto heists that remains a mystery to this day. Just a few days before the fall of FTX, someone or a group of people managed to move $600 million worth of cryptocurrency from multiple wallets.

The heist was and remains a mystery as there is no information as to who has the money. But people have been watching some of the wallets involved in the heist, and it turns out that the initial hacker or hackers have started to move funds, starting with 20,000 ether (ETH) or around $34 million.

The funds ended up on other chains, such as Thorchain, and other wallets. These are not the only funds related to the $600 million heist, only the latest, as crypto watchdogs have been tracking the money.

"I've found ~34,583 ETH (~$57m) of *clearly* stolen funds going to BTC via ThorSwap. Specifically via the `Deposit w/ Expiry` call," wrote a watchdog on social media, according to Coindesk. "That's out of a total ~53,183 ETH (~$88m) that went ETH -> BTC over the same time period."

"And that's just the clearly stolen funds coming from theft addresses directly. There's *at least* another 3,300+ ETH that's pretty clearly laundering—e.g. chunks straight from Tornado Cash, Railgun, or this one dude running from exch on ETH -> ThorSwap -> TradeOgre on BTC," the same user explained.

Moving ETH around at this time could be related to the launch of several ETFs in the United States, which has lowered the value of the coin in the past couple of months.