The individual responsible for the 2022 FTX assault has changed their method of converting their illicitly acquired Ethereum into Bitcoin.
On-chain expert Lookonchain observed on Oct. 6 that the culprit from the previous FTX breach had ceased utilizing THORChain to transfer their ill-gotten gains and started leveraging the Threshold Network instead.
Data from Lookonchain revealed that this attacker turned more than 3,000 Ether (ETH), worth about $4.9 million, into tBTC through the Threshold network. Following this, as per Lookonchain, the perpetrator successfully exchanged roughly 75,636 ETH, with a value of $124 million, for Bitcoin. An additional 109,485 ETH, worth around $180 million, is still retained in their digital wallet.
The Threshold system serves as a decentralized bridge between Bitcoin (BTC) and Ethereum networks, enabling individuals to change their assets into an ERC-20 token, tBTC, which is tied 1:1 with Bitcoin.
Reports suggest that the offender had a previous inclination towards THORSwap, but it was put on hiatus on Oct. 6 to prevent potential unlawful transactions.
This choice was made after thorough internal deliberation and guidance from legal and police agencies. The service will remain inactive until an effective security measure is implemented.
Before THORChain’s suspension, the FTX attacker had purportedly channeled no less than $38 million in ETH via it and another privacy-centric platform, Railgun.
Initial estimates of the hack’s damage approximated it at $400 million. However, FTX later revised this number, putting the losses at about $323 million.
The attacker’s identity remains a mystery. Nevertheless, some in the crypto realm have hinted at the involvement of the contentious FTX originator, Sam Bankman-Fried, now facing legal charges related to wire fraud and conspiracy for money laundering.
Bankman-Fried has firmly denied any ties to the theft. Yet, the notable transfer of the stolen assets, happening concurrently with his legal proceedings, has revived suspicions of an inside job.