Hackers moving big amounts of ETH recently have sparked worries of a market correction.
In 2022, one of the greatest industry breaches caused $600 million in assets to be stolen from the bankrupt cryptocurrency exchange FTX. The unknown cybercriminals have reemerged in a startling fashion after an extended absence since their last known action.
On September 30th, the hackers began transferring and exchanging assets gained from their ingenious breach. The hackers don’t seem to be slowing down, though, judging by the steady stream of newly-recorded transactions.
According to on-chain expert EmberCN, the FTX hackers began moving stolen funds on October 5th. Through the THORChain cross-chain network, a total of 15,000 ETH were transferred and exchanged for BTC, with a USD value of $24.75M.
On September 30th, there was the first round of transfers, totaling 45,000 ETH ($74.7M), which were spread over three different blockchain addresses. The THORChain network was used to facilitate the exchange of 41,000 ETH for BTC.
Another 1,500 ETH were moved through the Privacy Network, and a total of 2,500 ETH were transformed into 153.4 BTC and bridged back to the Bitcoin network.
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