Digital

Hacker Moves $10 Million in Ethereum from FTX Exchange Hack, SBF’s Trial Looms

Picture Source: BeInCrypto

Nearly a year after the infamous hack of the now-bankrupt FTX exchange, on-chain data has revealed that the attacker has moved $10 million worth of Ethereum from a wallet associated with the breach. This significant development comes as the crypto community awaits the start of the criminal trial of Sam Bankman-Fried (SBF), the founder of FTX, who has faced allegations of involvement in the hack.

The Recent Transactions

On-chain data analysis has shown that the hacker executed three transactions, each involving 6,250 ETH, totaling more than $10 million. This marks the first activity from the wallet associated with the hack since the incident occurred last year. Notably, the attacker attempted to obscure the transaction’s traceability by using privacy tools such as RailGun and Thorchain.

Sizeable Stash and Disputed Losses

The wallet connected to the attacker now holds a substantial portfolio, with assets exceeding $300 million, including 180,000 units of ETH and 3.9 million USDT, among other digital assets. The exact amount stolen during the FTX exchange hack remains a point of contention. Estimates at the time ranged from as low as $323 million (claimed by FTX) to as high as $400 million. The dispute over the losses adds another layer of complexity to the ongoing saga.

Identity of the Attacker

Despite widespread speculation in the crypto community, the identity of the attacker remains unknown. There had been previous conjecture that Sam Bankman-Fried, the embattled founder of FTX, was behind the hack, but he has consistently denied any involvement in the breach.

Upcoming Criminal Trial

SBF’s criminal trial is scheduled to commence in October, several months after his arrest in The Bahamas and subsequent extradition to the United States. The trial, expected to last six weeks, begins with jury selection on October 3, followed by the first court hearing on October 4. Bankman-Fried faces seven fraud-related charges, two of which are substantive, while the remaining five are conspiracy charges. Importantly, he has pleaded not guilty to all charges.

Detention and Flight Risk

Despite multiple attempts to secure temporary release, SBF has remained detained at the Metropolitan Detention Center. His most recent request for release on the grounds of not being a flight risk was rejected by Judge Lewis Kaplan. The legal proceedings surrounding SBF’s trial will be closely watched by the crypto community as they seek answers regarding the FTX exchange hack and its potential ties to the founder.

Read More: CFTC Cracks Down on False Claims of Legal Status in Crypto Industry

Conclusion

The movement of $10 million in Ethereum from the FTX exchange hack wallet highlights the ongoing challenges of security and accountability in the cryptocurrency space. As the trial of Sam Bankman-Fried approaches, it brings with it the hope of uncovering more details about the hack and its perpetrators. The crypto community continues to grapple with the implications of such incidents for the industry’s reputation and regulatory scrutiny.

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