Here’s What’s Happening to Crypto Stolen from FTX
According to blockchain sleuth Chainalysis, funds stolen from the fallen FTX exchange are currently on the move.
The firm says that cryptocurrency exchanges should be “on high alert” if the hacker decides to cash out their holdings.
Chainalysis has refuted reports about the stolen funds being allegedly sent to the Securities Commission of the Bahamas. The regulations actually received a portion of FTX’s crypto that wasn’t touched by the bad actor.
The stolen cryptocurrency funds were bridged from ETH to BTC, the firm says. This crypto is likely to go through coin mixers before the hacker attempts to cash out the ill-gotten funds.
Chainalysis adds that it remains in touch with its partners within the industry.
Last week, FTX confirmed a hacking incident shortly after filing for bankruptcy, which marked yet another dramatic twist in the rapid implosion of the cryptocurrency giant.Source