Crypto Thief In FTX Converts Ethereum (ETH) Worth IDR 390 Billion To Bitcoin (BTC)

The cryptocurrency thief converts ETH to BTC. (Photo; Doc. Turkey Postsen)

JAKARTA - On October 4, the FTX executor converted Ethereum (ETH) worth US$25 million (equivalent to Rp390 billion) into Bitcoin (BTC) in two separate transactions, 5,625 ETH and 9,375 ETH, respectively. This information was obtained from Spot On Chain data.

These two transactions were carried out with an interval of about eight hours and via the THORChain Router, a linkage protocol to the Bitcoin network. Addresses associated with these transactions still hold around US$208,481 (Rp3.2 billion) in various cryptocurrencies, with more than 95% of that amount in the form of crypto Ethereum.

The previous FTX executives were almost completely inactive for 10 months after the hack. However, suddenly, on September 30, they began converting millions of dollars worth of Ethereum into Bitcoin. Since then, more than $100 million stolen Ethereum coins have been converted into Bitcoins in 12 transactions that lasted for six days.

This big move also coincided with the start of the trial of FTX founder Sam Bankman-Fried, which sparked speculation about the possible role of insiders in the massive hack that took place in January 2023.

Transactions Are Getting Bigger

Initially, the number of transactions on October 4 was still relatively small, ranging from 1,250 ETH to 2,500 ETH. However, on October 2, the perpetrators began executing transactions worth 4,500 ETH, and most of the transactions after that were 7,500 ETH respectively.

Prior to October 4, the perpetrators had moved 30,000 ETHs in four stages of 7.500 ETH each on October 2 and 3. The token was later converted into Bitcoin via THORChain and Railgun.

Earlier, on November 11, 2022, accounts linked to FTX and FTX US were vacated just hours after FTX announced bankruptcy. At the time of the hack, the attacker managed to steal more than 600 million US dollars (Rp9.3 trillion) in Ethereum.

After the hack, around 2,500 ETH worth more than 4 million US dollars (IDR 62.4 billion) changed hands. Some of these funds use THORChain Router, partly through Railgun's privacy tool, and some are left in the transition wallet. In addition, 12,500 ETH worth about 21 million US dollars (IDR 327 billion) is still in the wallet of origin.

Losses from this hack reached 323 million US dollars (Rp 5 trillion) in various tokens from the FTX international exchange, with an additional 90 million US dollars (Rp1.4 trillion) from a separate US FTX platform.

The identity of hackers or hackers remains a mystery, and about US$21,500 (IDR421 billion) was exchanged for a DAI stablecoin shortly after the hack. In addition, most of the 288,000 ETHs still stored in addresses linked to hackers have been converted into Bitcoins and transferred to unknown addresses.