Over the past 24 hours, a crypto wallet address connected to the FTX exploit has moved approximately $36.8 million worth of Ether. The trial of Sam Bankman-Fried (SBF), the former CEO of the now-defunct cryptocurrency exchange, has been ongoing for a day.
The FTX exchange experienced a significant security breach on November 11, 2022, resulting in the theft of $600 million from accounts associated with FTX and FTX.US. This incident occurred shortly after the exchange filed for Chapter 11 bankruptcy protection. FTX General Counsel Ryne Miller informed traders of the hack at the time, attributing it to malware.
After nearly 10 months of inactivity, data from Spot On Chain indicates that the FTX exploiters have recently begun moving stolen funds. The movement began with $17.1 million worth of Ether being transferred through four addresses between September 30 and October 1, equivalent to 10,250 ETH. Initially, the attacker held 175,496 ETH, valued at $294 million. However, their portfolio balance has now decreased to $196.014 million.
Since September 30, a total of 67,500 ETH has been transferred to five of the 15 wallet addresses associated with the FTX exploiter. Of this sum, 64,948 ETH, equivalent to $108 million, was transferred through the THORchain router, while 52 ETH, worth $84,000, was transferred to the Railgun contract. The remaining 2,500 ETH, valued at $4.19 million, was exchanged for Bitcoin (tBTC).
SBF's trial in connection with the collapse of FTX commenced on October 3. The entrepreneur has pleaded not guilty to all seven charges of fraud and money laundering. The Ministry of Justice and the SBF defense team presented their arguments to the jury on the second day of the trial. The prosecution continues to focus on SBF's alleged misconduct in misleading investors on the platform, while the defense contends that Bankman-Fried was a young entrepreneur who made "unsuccessful" business decisions.
