• Sun. Mar 26th, 2023



The hacker hacked FTX transferred 50,000 ETH to bitcoin


Oct 18, 2022

The hacker hacked FTX transferred 50,000 ETH to bitcoin

Stolen more than 250 735 ETH (~ $ 235.5 million) at the FTX exchange, unknown, exchanged 50,000 ETH for wrapped bitcoin from Ren Protocol and connected the assets to the cross-bridge for transfer to the main network.

In a series of transactions, the hacker used the decentralized platforms of Uniswap, Curve and 1inch for Swaps. In the course of exchange operations, an intermediate asset was another representative version of the first cryptocurrency – WBTC.

After converting the part of ETH, the cracker sank from 27th place in the rating of Ethereum Kits to 37 positions.

Chainalysis specialists who also tracked the transactions, refuted the reports that the assets are stored regulatory authorities:

“Applications that the funds stolen from the FTX were indeed sent to the Bahamas securities commission are incorrect. Some of the assets are stolen, some are transferred to the regulators “.

In October, experts of the analytical company Elliptic noted that hackers are actively using cross-bridges to launder stolen means. According to them, criminal proceeds in the amount of at least $ 540 million passed through Renbridge. This includes income from robber programs stolen by North Korea Assets and about $ 2.4 million from NOMAD hacking.

At the beginning of 2022, Alameda Research acquired by FTX was purchased by Ren Protocol. After the parent structure https://gagarin.news/ of the group, FTX Group, submitted a bankruptcy statement, the REN team lost quarterly funding.

According to developers, the available funds will be enough until the end of the year. They decided to force the transition to the open source protocol controlled by the community. In order to launch Ren 2.0 The team will close the first iteration of the network “as soon as possible”. The process of releasing wrapped coins will be stopped, while the burning will remain available within 30 days.

Recall that the hacker initially hacked FTX actively translated stolen assets into ETH.

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