‘FTX Drainer’ Resurfaces: Moves $8M ETH to Defi Platforms

Per onchain evidence, the culprit dubbed the “FTX drainer” shifted 5,000 ethereum valued at approximately $8 million, gauged by today’s exchange rates. This marked the first movement of the funds in nearly a year, with the malefactor channeling the ether into the decentralized finance (defi) platforms Railgun and Thorchain Router.

‘FTX Drainer’ Diverts $8M in Ethereum

Shortly after the downfall of FTX, the exchange fell victim to a cyber intrusion on November 11, 2022, parting with a substantial amount of ethereum (ETH) and ERC20 tokens. Following a handful of transfers post-hack, the funds lay dormant for almost a year.

However, on the dawn of September 29, 2023, the malefactor opted to relocate 2,500 ether, and merely three hours ensuing, an additional 2,500 ETH was shifted from the same address. The crypto sphere buzzed with the news as onchain sleuths broadcasted the maneuvers on the social media forum X.

Arkham Intelligence reported, “Breaking: The FTX Hacker holding over $300M of assets has moved ETH for the first time since 2022. A total of $8M thus far has been moved via Railgun and Thorchain.”

Thorchain serves as a decentralized cross-chain liquidity conduit permitting the exchange of assets across blockchain networks, while Railgun is engineered as a smart contract framework that extends zero-knowledge privacy for any onchain decentralized application on platforms like Ethereum, Polygon, Binance Smart Chain, and Arbitrum.

Both systems can help cloak transactions and can potentially muddle the hacker’s trail. Despite the migration of 5,000 ETH, the antagonist still commands a crypto arsenal worth $308.93 million. The “FTX drainer’s” hoard encompasses an array of digital currencies like ETH, USDT, BTC, USDC, DAI, BNB, among others. The hacker’s ETH treasure remains the crown jewel, valuing $303.14 million, dispersed across 31 unique blockchain addresses.

What do you think about the FTX drainer resurfacing and moving $8 million in ether? Share your thoughts and opinions about this subject in the comments section below.



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