FTX Hacker Despite Losing Many Tokens But Still Holding $339M In Digital Assets

Mysterious FTX hacker extracted around $400 million in digital assets from crypto exchange last week despite losing a large number of tokens when moving assets across different chains to avoid arrested but still currently holds $339 million in digital assets.

According to analysis from Arkham Intelligence, a crypto-intelligence platform, claims that the mysterious hacker of the bankrupt crypto exchange FTX is likely the insider of a blockchain expert holding $339 million in digital assets.

Arkham discovered that wallets linked to the attackers were holding $292 million worth of ETH, $48 million worth of DAI, $44 million worth of BNB, $4 million worth of USDT on Avalanche and $3.8 million on the Polygon Matic MATIC Bridge.

Around $20 million in Paxos stablecoin, PAXG, has been frozen, and Paxos has been ordered by US authorities to blacklist the accounts, preventing holders from transferring or withdrawing cash from the token.

As reported by Arkham, hackers acted hastily based on their actions on the blockchain. They use different decentralized exchanges to swap tokens, including UniSwap, 1inch, and CowSwap, and also work to split tokens like MATIC, LINK, and PAXG into smaller amounts to avoid losses due to price slippage.

After monitoring the attackers’ blockchain transactions, Arkham noticed that they “appear to be panicking” and “lose a significant amount of tokens” when moving assets across different chains to avoid getting caught. To bolster their holdings, they also convert tokens into ETH and DAI on the Ethereum network, an action not easily sanctioned by the authorities.

“The FTX attackers are not very sophisticated, they rush to try to do whatever they can with the money and don’t seem to have much of a plan.”

Miguel Morel, CEO of Arkham Intelligence, said

Dyma Budorin, CEO of Hacken, said that they rushed to use their verified personal account on crypto exchange Kraken to deposit enough TRX tokens to cover transaction fees, the simplicity of the operation means that there can be hope of getting the money stolen by hackers back.

As mentioned in an earlier Coincu News article, November 12th FTX was hacked, and the day before FTX Corporation filed for bankruptcy in the US. According to Dyma Budorin, co-founder of Hacken.io, hackers stole more than $450 million in assets from the FTX hot wallet.

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