Hacker FTX Dumps 50,000 ETH, Still Among Top 40 Ether Holders

FTX wallet drainer address meticulously swapped assets and used bridges to launder stolen funds.

The hacker behind bankrupt cryptocurrency exchange FTX began transferring its Ether (ETH) to a new wallet address on November 20. Wallet drainer FTX was the 27th largest holder of ETH after the hack, but fell 10 positions after the weekend ETH dump.

Hacker FTX drained nearly $447 million from multiple FTX Global and FTX US exchange wallets just hours after the crypto exchange filed for Chapter 11 bankruptcy on November 11. The majority of the stolen funds were in ETH, making the exploiter the 27th largest ETH whale.

On November 20, wallet drainer FTX 1 transferred 50,000 ETH to a new address, 0x866E. The new wallet address then exchanged ETH for renBTC (ERC-20 version of BTC) and was linked to two wallets on the Bitcoin blockchain. One of the wallets bc1qvd…gpedg held 1,070 renBTC while another wallet bc1qa…n0702 held 2,444 renBTC.

#CertiKSkynetAlert

FTX Wallet Drainer is now the 37th largest ETH holder

Dropped 10 places after transferring 50,000 ETH to 0x866E this morning

We also continue to see ETH traded for renBTC at 0x866E

Wallet currently holds ~1127 renBTC and ~19k ETH pic.twitter.com/sPJjtoWwud

Crypto-analytics group CertiK then tracked the renBTC bridged to the address bc1qvd…gpedg and discovered that the address was using a money laundering technique called chain peeling to launder the renBTC.

A Peel chain is a technique to launder a large amount of cryptocurrency over a long period of time...