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Scam Alert

FTX Account Drainer Used ChipMixer To Launder The Stolen Funds

November 26, 2022 - Around 2 mins mins to read
According to on-chain detective ZachXBT, the FTX account drainer used ChipMixer to hide his money and has already laundered about 360 Bitcoin (BTC).
FTX Account Drainer Used ChipMixer To Launder The Stolen Funds

The FTX account drainer has been active since November 12. Since then, the attacker has continuously moved the stolen tokens to different addresses.

Besides moving tokens, the wallet address is confirmed as “FTX account drainer” that swaps tokens to ETH and Bitcoin. This has slightly affected the price of ETH in recent times.

FTX Account Drainer Used ChipMixer To Launder The Stolen Funds

ChipMixer is a long-standing Bitcoin mixing service that is designed to obfuscate the source of a customer’s BTC. It does this through proprietary methods that are not exactly known, user can rest assured that the Bitcoin received at the end of the process cannot be traced back to the Bitcoin they sent to it.

ChipMixer has been in operation since May 2017, and in this time, it has racked up very few legitimate complaints against it. To sum it up, ChipMixer is generally regarded as the most honest Bitcoin mixer around.

FTX Account Drainer Used ChipMixer To Launder The Stolen Funds

The U.S. government uses ChipMixer, according to crypto influencer FatManTerra, and it is “a United States government honeypot.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.