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HomeFinance NewsFTX, Sam Bankman-Fried's Platform, Faces Setback: 'Exploiter' Funds Restricted.

FTX, Sam Bankman-Fried’s Platform, Faces Setback: ‘Exploiter’ Funds Restricted.

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Around $4 million worth of ether (ETH) linked to the FTX exchange hack last year has started to move. The funds are being transferred through Railgun, a privacy wallet that allows users to store tokens and use them for decentralized financial services. Transactions made through Railgun are shielded, making it difficult to determine the exact use of the funds. Additionally, the Thorchain bridge is being used to swap tokens between different blockchains without revealing the wallets involved. Despite this movement, there is still approximately $21 million worth of ETH remaining in the original wallet.

The hacker(s) responsible for the exploit have never been identified. Following the hack, a portion of the stolen funds, equivalent to $27 million at the time, were converted into the stablecoin DAI. Furthermore, addresses linked to the attacker still hold around 288,000 ETH. These recent transactions occur just days before the trial of Sam Bankman-Fried, the founder of FTX, who faces fraud and conspiracy charges. While Bankman-Fried maintains his innocence, former FTX and Alameda Research executives have already pleaded guilty and are expected to testify against him.

In summary, funds amounting to $4 million from the FTX exchange hack have recently started moving through Railgun, a privacy wallet, and the Thorchain bridge. The hacker(s) behind the exploit remain unidentified, with a substantial portion of the stolen funds converted into DAI and still held in addresses affiliated with the attacker. These developments come shortly before the trial of FTX founder Sam Bankman-Fried, who denies all fraud charges filed against him.

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