VOT Research Desk
Market Analytics and Considerations
During Tuesday’s early morning European time, whomever was responsible for last week’s $600 million crypto exchange FTX hack started moving milliards of dollars in stolen money.
Late on Friday, money was stolen from FTX’s cryptocurrency wallets. Shortly after, the exchange announced on its formal Platform that it had been breached, advising customers to remove any FTX apps and refrain from installing any further updates.
On Tuesday, many addresses linked to the accounts drainer sent more than 21,555 ETH, or more nearly $27 million, to a single location. Blockchain data reveals that the tokens were eventually changed to the stablecoin DAI on the trading platform CowSwap.
Almost the course of several transactions, the identities accumulated over $48 million in DAI and exchanged it all for 37,000 ether. According to blockchain data cited by security company PeckShield, the address is currently the 35th-largest owner of the cryptocurrency and currently controls more than 288,000 ether.
Additionally, employing PancakeSwap, a BNB Chain-based exchange, 7,420 pirated BNB tokens valued well over $2 million were exchanged for 1,500 ether. The converted ether was subsequently bridged to the Ethereum network by the exploiter.
