FTX Hacker Moves 75.6K ETH Worth $124M to Bitcoin Network as ThorSwap Pauses Swaps

According to an on-chain surveillance system, the hacker who stole around $413 million worth of crypto from the imploded FTX ecosystem recently moved 75,636 ether (ETH) to the Bitcoin network.

Lookonchain, a platform monitoring blockchain transactions, disclosed on X that the hacker swapped 75,636 ETH, worth about $124 million at current prices, for tBTC, a tokenized version of Bitcoin based within the Ethereum network. 

After @THORSwap suspended swaps, FTX Exploiter started swapping $ETH for $tBTC and cross-chained to the Bitcoin network through @TheTNetwork.

So far, FTX Exploiter has swapped 75,636 $ETH($124M) for BTC assets and cross-chained to the Bitcoin network. pic.twitter.com/ksIPBzRJ0d

— Lookonchain (@lookonchain) October 6, 2023

Afterward, the hacker moved the tBTC to the Bitcoin network using The Threshold Network, a decentralized protocol for cross-chain transfers.

The hacker’s move came shortly after ThorSwap, a multi-chain decentralized exchange (DEX) aggregator on the THORChain network, announced today that it would go into maintenance mode and suspend all swaps. 

The DEX said it detected a series of movements involving hacked and stolen funds on its platform and decided to pause its services to protect its users and the ecosystem. 

The platform chose to go into maintenance mode – a move that has triggered a backlash from the crypto community. Several crypto enthusiasts have criticized the team, as the development features an undertone of centralization.

ThorSwap is a prominent interface for THORChain, a cross-chain liquidity protocol enabling users to exchange native assets across various blockchains without the need for wrapping or intermediaries. This accessibility has led to misuse by certain individuals seeking to conceal illicit funds.

The FTX Hack

The FTX hack ranks among the most significant crypto heists recorded. Exploiting a weakness in FTX’s smart contracts, the hacker siphoned off a staggering $323 million from the international exchange and an additional $90 million from its U.S. arm last November.

This exploit unfolded shortly after the collapse of the FTX ecosystem, which ultimately led to the company’s bankruptcy. The hacker has been converting the purloined funds into various assets and orchestrating transfers across multiple platforms to avoid detection and traceability.

Notably, the recent fund movements from the hacker come up amid the trial of Sam Bankman-Fried, FTX’s founder and former CEO. Bankman-Fried is currently standing trial in New York for charges bordering on money laundering and fraud in relation to the FTX implosion.