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Blockchain analytics firm Elliptic has released new findings that suggest a Russian-linked entity may be behind the high-profile hack of cryptocurrency exchange <a href="https://crypto.news/tag/ftx/" data-type="link" data-id="https://crypto.news/tag/ftx/">FTX</a>. 
The revelation comes as part of an ongoing investigation into the theft of a staggering $477 million in various cryptocurrencies from the exchange. 
<h2 class="wp-block-heading" id="funds-moved-during-sbf-s-court-appearance">Funds moved during SBF’s court appearance</h2> 
Elliptic’s <a href="https://www.elliptic.co/blog/the-477-million-ftx-hack-following-the-blockchain-trail" target="_blank" rel="noopener">report</a> highlights a key moment that casts doubt on initial suspicions that FTX founder<a href="https://crypto.news/tag/sam-bankman-fried/" data-type="link" data-id="https://crypto.news/tag/sam-bankman-fried/"> Sam Bankman-Fried</a> could be involved in the theft. 
According to the firm, $15 million of the stolen assets were moved on Oct. 4, 2023, at 3:41 p.m. EST. At that time, Bankman-Fried was reportedly in a Manhattan courtroom without internet access, making it unlikely that he was responsible for the transaction. 
Since the hack, a significant portion of the stolen funds has been converted to Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) and funneled through ChipMixer, a now-defunct privacy mixer. Elliptic’s analysis shows that these assets were often mixed with funds from <a href="https://crypto.news/tag/russia/">Russia</a>-linked criminal groups, including ransomware gangs and darknet markets. 
“This points to the involvement of a broker or other intermediary with a nexus in Russia,” the firm stated. 
FTX lost 9,500 Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) to an unidentified hacker on the same day it filed for bankruptcy last November. The hacker also made off with other cryptocurrencies, including Pax Gold (PAXG), Tether (<a href="https://crypto.news/price/tether/">USDT</a>), and Wrapped Bitcoin (<a href="https://crypto.news/price/wrapped-bitcoin/">WBTC</a>). 
While some of these assets were frozen by regulatory authorities, most were successfully converted into other cryptocurrencies and moved to different blockchains. 
 You might also like: <a href="https://crypto.news/ftx-hacker-switches-strategy-after-thorswap-suspends-service/"> FTX hacker switches strategy after THORSwap suspends service </a> 
<h2 class="wp-block-heading" id="breaking-the-blockchain-trail">Breaking the blockchain trail</h2> 
Elliptic notes that the hacker used various methods to obscure the trail of stolen funds. 
On Nov. 20, 65,000 ETH were converted to Bitcoin via RenBridge, a service ironically owned by Alameda Research, which shares a balance sheet with FTX. 
After a<a href="https://crypto.news/ftx-hacker-moves-4-2m-worth-of-eth-after-months-of-inactivity/"> pause of nine months</a>, an additional 72,500 Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>), valued at $120 million, were converted to Bitcoin through the use of THORSwap, a service that has since suspended its interface due to money laundering concerns. 
<figure class="wp-block-image size-large">
 <img decoding="async" loading="lazy" width="1024" height="527" src="https://crypto.news/app/uploads/2023/10/eec2e11e-7e17-4432-a76b-a114dcf3bb23-1024x527.webp" alt="FTX's stolen crypto funds linked to Russian cybercrime networks - 18" class="wp-image-14203933">
 <figcaption class="wp-element-caption">
 Daily transaction count related to stolen FTX assets | Source: <a href="https://www.elliptic.co/blog/the-477-million-ftx-hack-following-the-blockchain-trail" target="_blank" rel="noopener">Elliptic</a>
 </figcaption>
</figure> 
With <a href="https://crypto.news/ftx-hacker-is-using-chipmixer-which-might-have-ties-with-the-government/">ChipMixer</a> no longer operational, many of the funds were mixed through Sinbad, a service believed to be a rebranded version of Blender. The U.S. Treasury Department previously sanctioned the latter for aiding the North Korean Lazarus Group. 
However, Elliptic does not believe that the <a href="https://crypto.news/lazarus-group-reportedly-behind-the-54m-coinex-hack/" data-type="link" data-id="https://crypto.news/lazarus-group-reportedly-behind-the-54m-coinex-hack/">Lazarus Group</a> is behind the FTX hack, citing the hacker’s relatively unsophisticated money laundering techniques. 
While the identity of the FTX hacker remains unknown, Elliptic’s latest findings add a new layer of complexity to an already intricate case. 
The firm’s analysis points to a Russian-linked entity as a likely suspect, although further investigation is needed to confirm these suspicions. 
 Read more: <a href="https://crypto.news/lazarus-group-hackers-from-country-with-no-internet-threaten-defi/"> Lazarus Group: hackers from country with no internet threaten defi </a>

FTX’s stolen crypto funds linked to Russian cybercrime networks

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