FTX Hacker Moves $4 Million in ETH Amid Upcoming SBF Trial

The anonymous exploiter(s) responsible for the hack of the FTX exchange last November has shown signs of life. An eye-popping 2,500 Ether (ETH)—worth a staggering $4 million—has been moved to new addresses. This comes as FTX’s founder, Sam Bankman-Fried, is days away from facing trial on fraud charges in the U.S.

Blockchain analytics firm SpotOnChain was the first to detect the movement, reporting that the wallet linked to the FTX exploit began transactions for the first time in nearly a year. This activity occurred during the early hours of September 30, a Saturday—an interesting choice given weekends often see lower trading volumes, thus maximizing the potential impact on crypto markets.

The Sophisticated Moves

The 2,500 ETH was not simply transferred in one go. The funds were split and routed through a labyrinthine series of transactions. 700 ETH passed through the Thorchain Router, while 1,200 ETH was moved via the Railgun privacy tool. An additional 550 ETH was placed in an intermediate wallet.

Thorchain is known for enabling cross-chain swaps without revealing wallet addresses. In contrast, Railgun is a privacy wallet that shields transactions, making it difficult for watchdogs to trace the exact use of the funds.

Despite these eyebrow-raising movements, an astronomical 12,500 ETH—equivalent to around $21 million—remains dormant in the original wallet. Given this latest activity, the crypto community is abuzz with speculation over when and if these remaining funds will spring into action.

The FTX Backstory: From Bankruptcy to Courtrooms

Last November 11, FTX’s accounts were drained of an astonishing $600 million worth of cryptocurrencies just hours after the exchange filed for bankruptcy, and Sam Bankman-Fried stepped down as its leader. The identity of the attacker(s) has never been confirmed, although rumors persist that it might have been an inside job.

This hacking incident resurfaces just days before Bankman-Fried faces trial for fraud and conspiracy to commit fraud charges in the U.S. The trial is expected to be a high-stakes affair, as former FTX and Alameda Research executives who have pleaded guilty are slated to testify against Bankman-Fried.

After the hack, the stolen funds were moved to 12 different crypto wallets, each containing 15,000 ETH. The 2,500 ETH transferred today are part of these initial stash locations. Shortly after the exploit, some 21,500 ETH were converted into DAI stablecoin, while a colossal 288,000 ETH remained untouched in addresses linked to the attacker.