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<p>Russia, frequently criticized for its discreet involvement in the crypto sphere, is now at the center of a major scandal: the lightning-fast hacking of FTX.</p> 
<h2 id="h-a-colossal-crypto-loss-and-traces-left-behind">A Colossal Crypto Loss and Traces Left Behind</h2> 
<p>The SDF lawsuit is attracting more and more attention, raising questions about the true stakes of the market.</p>
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<p><a href="https://www.elliptic.co/blog/the-477-million-ftx-hack-following-the-blockchain-trail" target="_blank" rel="noreferrer noopener">Elliptic</a>, a renowned expert firm, reveals a scenario worthy of a spy movie. FTX, once a crypto giant, saw its $400 million treasure vanish. Digital traces lead to cybercriminal groups in Russia, making the motherland the prime suspect.</p> 
<p>Just a few days after the theft, a substantial transfer of 65,000 in ETH crypto, worth $100 million, was made to the Bitcoin blockchain. To orchestrate this maneuver, cybercriminals utilized the RenBridge service.</p> 
<h2 id="h-concealment-maneuvers">Concealment Maneuvers</h2> 
<p>But how to avoid the spotlight after such a heist? The wrongdoers, experts in the art of concealment, used blockchain-based mixers.</p> 
<p>One of these services, ChipMixer, participated in converting 4,536 Bitcoins. However, the net tightens: $4 million in crypto is traced on various exchanges, possibly betraying an awkward withdrawal attempt.</p> 
<p>When ChipMixer is taken down following an international operation, our criminals turn to Sinbad, another crypto mixing service. Suspicions multiply, and theories abound.</p> 
<p>Lazarus, the infamous North Korean hacker group, was at one point under suspicion. However, evidence collected by Elliptic leans more towards Russia.</p> 
<h2 id="h-consequences-for-ftx-and-its-actors">Consequences for FTX and Its Actors</h2> 
<p>On November 11, 2022, the FTX crypto exchange case takes a dramatic turn. Beyond the financial disruptions, Sam Bankman-Fried, the founder, resigns, and shortly afterward, his accounts mysteriously empty. Allegations of fraud against him quickly emerge.</p> 
<p>Despite the turmoil, activity around the stolen assets intensifies. Even before the trial of Bankman-Fried begins, these funds circulate, passing through platforms like Railgun and THORChain.</p>
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<p>In this digital melee where actors mix and untangle, one question remains: how vulnerable is the crypto sphere to the schemes of nation-states and cybercriminals?</p> 
<p>The FTX saga is a harsh reminder of the inherent risks in this universe, but it also reflects a complex geopolitics where crypto becomes a major issue. Meanwhile, BlackRock and JPMorgan dive into the sector.</p>

Russia’s Role in the Collapse of Cryptocurrency Exchange FTX

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