In a shocking revelation, blockchain intelligence firm Elliptic has provided an in-depth analysis of the infamous FTX theft, shedding light on the complex web of events surrounding the hack, subsequent money laundering, and the ongoing quest to uncover the identity of the perpetrators.
Based on blockchain analysis, the report exposes the sophisticated techniques employed to move and conceal stolen assets worth hundreds of millions of dollars.
Unraveling The FTX Hack
The FTX theft in November 2022 involved $477 million stolen from the Bahamas-based cryptocurrency exchange. The incident coincided with FTX’s bankruptcy filing and the subsequent arrest and charges against its CEO, Sam Bankman-Fried.
The thief’s identity behind the hack remains a mystery as the stolen assets continue to be moved and laundered on the blockchain. However, Elliptic’s investigation has provided valuable insights into the methods employed by the perpetrator.
Per the report, the thief swiftly embarked on a money laundering spree, utilizing decentralized exchanges (DEXs), cross-chain bridges, and mixers to obfuscate the trail of stolen funds.
By swapping stolen tokens for native assets such as Ether (ETH) on DEXs like Uniswap and PancakeSwap, the thief evaded detection by compliance…
