Hackers managed to steal 65,000 Ethereum (ETH), valued at around $87 million, and successfully laundered the funds through RenBridge. This illicit activity has drawn parallels to the trial of Sam Bankman-Fried, the founder of FTX exchange.

Money Laundering Operation

The unknown hacker initially stole approximately $87 million worth of ETH, which accounted for 18% of the total stolen amount. The hacker consistently converted the stolen 65,000 ETH into Bitcoin (BTC) using RenBridge to obscure the origins of the ill-gotten gains.

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According to Elliptic’s report, the hacker left the remaining 180,000 ETH untouched until the early hours of September 30, 2023, without converting it to Bitcoin via RenBridge. By this time, the dormant stash had appreciated significantly in value, reaching a staggering $300 million.

Unidentified FTX Hacker

Remarkably, even after nearly a year has passed since the hack occurred. The identity of the hacker remains shrouded in mystery. Potential suspicions surrounding the hack extend to insiders at FTX, hacking groups with ties to North Korea or associations with Russian criminal organizations.

Throughout their attempt to move and obscure the stolen funds, the hacker faced substantial losses, totaling approximately $94 million. Their efforts also involved leveraging decentralized exchanges, cross-chain bridges, and mixers to cover their tracks and launder the stolen assets.

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Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.