FTX funds on the move as thief converts thousands of ETH to Bitcoin

According to Chainalysis, "reports that funds stolen from FTX were in fact sent to the Bahamas Securities Commission are incorrect."< /p > New

According to blockchain analysis company Chainalysis, funds stolen from crypto exchange FTX are now being converted from ETH to Bitcoin. On November 20, Chainalysis took to Twitter to encourage exchanges to freeze these coins, should the thief attempt to convert them to fiat or further hide the assets in other ways.

1/ The funds stolen from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to withdraw from money

— Chainalysis (@chainalysis) November 20, 2022

Amid the controversial collapse and bankruptcy of FTX, news broke that an unknown actor had stolen 228,523 ETH from the exchange. Ownership of these coins, worth $268,057,479 at press time, currently ranks the thief among the largest owners of ETH in the world.

Update: FTX Hacker now actively dumps ETH on chain

He emptied about $15 million worth of ETH in the last 30 minutes and just prepared a fresh batch of $12 million

Still has $270 million worth of ETH in main wallet

It sells ETH to wBTC to renBTC through aggregators like 1inch https://t.co/mEd8UHFCO0

— kamikaz ΞTH (@kamikaz_ETH) November 20, 2022

Although initial reports suggest that all of the funds in question may be in the custody of securities regulators in the Bahamas, Chainalysis has poured cold water...