“FTX Drainer” Exchanges 20,000 More Ether For Bitcoin

The “FTX Drainer,” the person or thing responsible for the unusual withdrawals from the troubled cryptocurrency exchange FTX, has persisted in exchanging ether for bitcoin.

The Ren BTC Gateway, a crypto bridge used to transmit transfer tokens from one network to another, has now moved $72 million in value across both blockchains.

After combining ether assets from many wallets on Saturday, the primary FTX drainer wallet contained 250,000 ether ($302 million at the time). After gathering all of his money, the suspected hacker started exchanging ether for bitcoin. Typically, this method required moving a large amount of ether to a new wallet before exchanging it for bitcoin by exchanging ether for renBTC, Ren’s tokenized form of bitcoin.

After the transfer, the hacker uses Ren’s crypto bridge service to connect the renBTC blockchain to the Bitcoin blockchain.

On Monday, the person or thing in issue exchanged 1,023 renBTC ($16.3 million) for 20,000 ETH ($22.4 million). This comes after 50,000 ETH were traded on Sunday for 3,517 renBTC. As of the time of publication, the hacker had bridged all 4,540 renBTC ($72.6 million) to Bitcoin, according to on-chain data monitored by blockchain security company PeckShield. A Bitcoin wallet holding some of the bridged funds was also tracked by PeckShield; it currently contains 2,444 BTC ($39.4 million).

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