FTX Hacker Converts 25,000 ETH to BTC: On-Chain Data Reveals Shift in Tactics

JUST IN: The FTX hacker, responsible for stealing millions from the defunct exchange, has converted 25,000 ETH worth approximately $30 million into Bitcoin, according to on-chain data. This news means the firm is making headlines another time with this hacker.

After compromising FTX, cybercriminals are on the move. According to on-chain data, the hacker transferred 25,000 ETH to an unknown wallet and converted it to 1,753 BTC. The transaction occurred at UTC. However, the hacker...

Blockchain analysis company Chainalysis reports that funds stolen from the FTX crypto exchange are now being converted from Ether (ETH) into Bitcoin (BTC), signaling a shift in tactics. The hacker who used an exploit to steal $600 million (roughly Rs. 4,870 crore) in funds from the now-bankrupt FTX is now slowly looking to convert the looted funds.

This conversion from ETH to BTC is reportedly occurring through THORChain. The FTX hacker is converting a significant chunk of their ETH haul into BTC through THORChain, signaling a shift in tactics and potentially increasing the difficulty of tracing the funds.

The FTX hacker's movements are being closely monitored by the crypto community and law enforcement agencies. The implications of this massive ETH to BTC conversion are still unfolding, but it undoubtedly adds another layer of complexity to the ongoing FTX saga.

Disclaimer: Includes third-party opinions. No financial advice.