FTX funds on the move as thief converts thousands of ETH into Bitcoin
Funds stolen from Cryptocurrency exchange giant FTX are on the move and the exchange should be on high alert to freeze them if the hacker attempts to cash out.

According to Chainalysis, It sells software that aids its customers in blockchain analysis. "Information that the funds stolen from FTX were sent to the Securities Commission of the Bahamas are wrong." well funds stolen from the FTX crypto exchange are now being converted from ETH into BTC on Nov 20.
1/ Funds stolen from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to cash out
1/ Funds stolen from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to cash out
— Chainalysis (@chainalysis) November 20, 2022
The bankruptcy of FTX news broke that an unknown actor had stolen 228,523 ETH from the exchange. the ownership of these coins worth a whopping $268,057,479. right now rank the thief as one of the largest owners of ETH in the world.
Update: FTX Hacker is now actively dumping ETH on-chain
— kamikaz ΞTH (@kamikaz_ETH) November 20, 2022
He has dumped about $15 million ETH in the past 30 minutes and just prepped a fresh batch of $12 million
Still has $270m ETH in main wallet
He's selling ETH to wBTC to renBTC through aggregators like 1inch https://t.co/mEd8UHFCO0
Though initial reports suggested that all of the funds in question may be in the custody of securities regulations in the Bahamas, Chainalysis poured cold water on this theory stating:
“Reports that the funds stolen from FTX were sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were transmitted to the regulators.”
Approx 31,000 ETH has been converted into wrapped BTC. the thief then sent the coins to cross chains to a Bitcoin Mainnet wallet using the Ren Protocol with the final amount received totaling 2444.55 BTC.
LIVE: FTX Drainer (Aka Bahamas Gov?) Liquidating ETH
— Garlam (@GarlamWON) November 20, 2022
Addy #1 - 0x59
Addy #2 - 0x86
Flow So Far
- Move $ETH from #1 to #2
- Swap $ETH for $renBTC
- Send it to NULL Addy
Update
- Sold 31k $ETH for 2.2k $renBTC
- Sending all $renBTC to NULL Address (ETH Genesis Address)
1/n pic.twitter.com/WfkXGsUDRq
FTX and its associated companies a press release indicating that FTX debtors are in talks with Fiserv firm Perella Weinberg Partners concerning different reorganization attempts the engagement is subject to the bankruptcy court's approval, however.
The FTX founder Sam Bankman Fried allegedly remains under supervision in the Bahamas. Though some fear he may try to flee to Dubai if given the opportunity it is unclear how this situation would play out ultimately given that the UAE and USA have an agreement on evidence-sharing judicial cooperation and assistance in criminal investigations and prosecutions.
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