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.

 FTX funds on the move as thief converts thousands of ETH into Bitcoin

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

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. 

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.

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.  

Related::Pricing Feature for NFTs Is Now Available in MetaMask