Stolen funds from FTX converted from ETH to Bitcoin | The Financial Express

Stolen funds from FTX converted from ETH to Bitcoin

According to Cointelegraph, on November 20, 2022, Chainalysis revealed on Twitter about encouraging exchanges to freeze these coins

Stolen funds from FTX converted from ETH to Bitcoin
Reportedly, Sam Bankman-Fried, founder, FTX, allegedly stays “under supervision” in the Bahamas

Insights from blockchain analysis company Chainalysis stated that funds stolen from the FTX cryptocurrency exchange have entered into conversion from ETH into Bitcoin, as stated by Cointelegraph.

According to Cointelegraph, on November 20, 2022, Chainalysis revealed on Twitter about encouraging exchanges to freeze these coins, if attempts are made by the thief to convert them into fiat or further obfuscate the assets through other means. It is believed that an unknown actor stole 228,523 ETH from the exchange. Reportedly, ownership of the coins, worth $268,057,479 USD at the time of the publication’s writing, has given the thief ranking as one of the largest global ETH owners. 

“Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators,” Chainalysis stated on the matter. 

On the basis of information by Cointelegraph, around 31,000 ETH had been converted into wrapped BTC. The thief then transferred the coins crosschain to a Bitcoin mainnet wallet through the Ren protocol, with the ultimate amount reaching a value of 2,444.55 BTC. It is believed that those who were associated with FTX and its associated companies went through a tough couple of weeks. 

Moreover, Cointelegraph noted that Sam Bankman-Fried, founder, FTX, allegedly stays “under supervision” in the Bahamas. Reportedly, some remain fearful that Bankman-Fried can attempt to flee to Dubai if given the opportunity. Uncertainties remain around how the situation would conclude, given that UAE and USA have an agreement on evidence sharing, judicial cooperation and assistance on criminal investigations and prosecutions.

(With insights from Cointelegraph)

Also Read: Need high investment-based returns? Maybe, it’s time to give cryptocurrency exchange-traded funds a shot…

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 21-11-2022 at 09:45 IST