FTX Hack: 15,000 ETH converted to Bitcoin

Sahana Kiran
Source – Unsplash

The downfall of the FTX empire disrupted the entire market. While the industry was dealing with that, the exchange was hacked just hours after it filed for Chapter 11 bankruptcy. A whopping $447 million was reportedly wiped out of FTX Global as well as FTX.US. Following this, there have been increased movements of the stolen funds. More recently, it was brought to light that the hacker converted 15,000 ETH into Bitcoin [BTC].

The FTX hacker allegedly transferred 15,000 ETH worth $16 million to a new address. Right after this, the hacker went on to convert 684.6 renBTC, an ERC-20 version of BTC. The hacker then proceeded to send funds to the BTC network.

Last week, the hacker converted a whopping 400 billion Shiba Inu [SHIB] tokens into 2,346 Ethereum [ETH]. Post this, the hacker converted the acquired ETH into $48.2 million worth of DAI. Other tokens like $41 million worth of Binance Coin [BNB] were further exchanged for ETH.

Just yesterday, the hacker allegedly converted 25,000 ETH worth about $30 million into Bitcoin. Currently, the hacker entailed 185,000 ETH.

Was the FTX hack an inside job?

While these stolen funds were on the move, theories about who could have hacked the wallets continued to pour in. Several suggested that Sam Bankman Fried was ordered to hack the platform by the Bahamas government. A few others including SBF believe it’s an “inside job.”

Terra whistleblower who goes by the Twitter username, FatMan pointed out how there was no investigation in place. FatMan called out SBF for not launching a “full-blown” probe into the hack if it was an inside job.

FatMan further tweeted,

“It’s pretty wild to me how nonchalant SBF & FTX appear to be about this absolutely massive hack. There should be a task force on this right now!”

Additionally, as many speculate that more funds could be on the move, SBF seemed to be untethered.