The individual responsible for the FTX hack has reportedly converted an additional $25 million of stolen Ethereum (ETH) into Bitcoin (BTC), bringing the total conversion to $100 million. The conversion was carried out over two transactions on October 4th.
The transactions were executed with a gap of eight hours, using THORChain Router, a bridge protocol to Bitcoin. The hacker still holds over $208,481 in various cryptocurrencies, with Ethereum making up more than 95% of the total.
The FTX exploiter, inactive for nearly ten months since the hack, started converting the stolen ETH to BTC on September 30th. The conversion of over $100 million worth of ETH to BTC was carried out in 12 separate transactions over six days.
The large movement of funds coincided with the start of FTX founder Sam Bankman-Fried’s court trial, raising speculation about a potential insider’s role in the massive hack that occurred in January 2023.
The amount of the initial transactions on the first day were kept relatively low, ranging from 1,250 ETH to 2,500 ETH. However, the amounts increased over time, reaching 7,500 ETH per transaction.
Before the October 4th transactions, the exploiter moved 30,000 ETH on October 2nd and 3rd in four tranches of 7,500 ETH each. The tokens were converted to BTC through THORChain and Railgun.
At the time of the hack, the attacker took over $600 million in ETH. The identity of the hacker or hackers remains unknown. Some of the stolen ETH was exchanged for the stablecoin DAI shortly after the intrusion, while a large portion of the remaining ETH has now been converted into Bitcoin and moved to unknown addresses.
Read Now: Twelve jurors selected to decide the fate of former FTX CEO Sam Bankman-Fried