Railgun

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Millions

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<p>The FTX accounts drainer has once again siphoned off another 7,500 ETH, equivalent to $12.62 million, linked to last year’s apparent manipulation of the FTX exchange. That marks the second movement of ether from a wallet associated with the FTX exploiter after approximately 2,500 ETH, valued at slightly over $4 million, was moved yesterday after a year of dormancy.</p> 
<p>The funds were <a href="https://www.cryptopolitan.com/ftx-exploit-address-transfers-17m-in-ether/" rel="noopener noreferrer nofollow">divided</a> into two portions and subsequently underwent several transactions; 700 ETH were transferred using the Thorchain Router, while around 1,200 ETH were routed through the Railgun privacy tool.</p> 
<h2 class="wp-block-heading" id="the-600-million-suspicious-ftx-hack">The $600 Million Suspicious FTX Hack</h2> 
<p>On November 11, 2022, accounts associated with both FTX and FTX US were hacked and drained of funds. This unfortunate event occurred mere hours after the company declared bankruptcy and the subsequent resignation of its founder, Sam Bankman-Fried, from the helm of the crypto empire he had overseen. At the time, the attacker managed to get away with over $600 million worth of ether.</p> 
<p>Former FTX general counsel Ryne Miller, in a tweet that has since been deleted, mentioned that the exchange was implementing precautionary measures to safeguard funds from other FTX wallets. Following this incident, John J. Ray III, the CEO and Chief Restructuring Officer of the FTX Debtors, responsible for managing the FTX bankruptcy <a href="https://www.cryptopolitan.com/ftx-legal-battle-as-law-firm-disputes-claims/" rel="noopener noreferrer nofollow">proceedings</a>, stated that approximately $323 million in various tokens were stolen from their international exchange, with an additional $90 million taken from their U.S. platform, according to reports.</p> 
<p>These recent transactions took place shortly before Bankman-Fried’s trial in the U.S., scheduled to address charges of fraud and conspiracy to commit fraud, which federal prosecutors filed in December of the previous year. Bankman-Fried has entered a plea of not guilty to all charges. At the same time, some former executives from FTX and Alameda Research have admitted guilt and are expected to provide testimony against their former leader.</p> 
<h2 class="wp-block-heading" id="ftx-exploiter-s-identity-is-still-a-mystery">FTX Exploiter’s Identity is Still a Mystery</h2> 
<p>The exact details of how the funds were drained from the exchange and the identities of those responsible remain shrouded in mystery. However, a lot of speculators think that SBF is involved. Accounts linked to the collapsed exchange and its U.S. counterpart were emptied shortly after the company filed for Chapter 11 <a href="https://www.bbc.com/news/business-63601213" rel="noopener noreferrer nofollow" target="_blank">bankruptcy</a> protection. Following the exploit, approximately 21,500 ether (equivalent to $27 million at the time) were converted into the stablecoin DAI.&nbsp;</p> 
<p>Meanwhile, Bankman-Fried is slated to face trial next week, having maintained his plea of not guilty to all charges. In his opening statements, SBF is not permitted to attribute FTX’s collapse or operations to the actions of its lawyers, as ruled by the federal judge overseeing his case. However, he may still attempt an “advice-of-counsel” defense at a later stage. Bankman-Fried’s defense team had previously informed the Department of Justice and the court that they intended to argue that the exchange’s legal counsel played a role in certain decisions made by the company.</p> 
<p>However, Judge Lewis Kaplan, in an order today, noted that presenting this argument without providing specific details could potentially confuse or bias the jury. While external counsel cannot be mentioned in the opening statement, Bankman-Fried’s attorneys may seek to raise the issue later, provided they <a href="https://www.cryptopolitan.com/doj-wants-investors-to-testify-ftx-trial/" rel="noopener noreferrer nofollow">notify</a> both the judge and the DOJ in advance and without jurors present.</p>

FTX Exploiter Strikes Again a Day After Moving Millions in Ether

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