FTX Exploiter Moves $36.8M in Ether as Sam Bankman-Fried’s Trial Begins
In the last 24 hours, the crypto wallet address associated with the FTX exploiter has transferred approximately $36.8 million worth of Ether (ETH). This activity coincides with the ongoing court trials of Sam Bankman-Fried (SBF), the former CEO of the defunct crypto exchange.
Background on FTX Exchanger Hack
On November 11, 2022, FTX and FTX.US were victims of a hack that resulted in the draining of $600 million. This incident occurred just hours after the crypto exchange filed for Chapter 11 bankruptcy. At the time, FTX general counsel Ryne Miller alerted traders to the hack, cautioning them against visiting the FTX site due to potential Trojan downloads. Miller also mentioned that some funds were recovered.
FTX Exploiter’s Activity
After almost 10 months of silence, the FTX exploiter has begun moving the stolen funds. This movement started with a transfer of 10,250 ETH totaling $17.1 million, which took place between September 30 and October 1. The confirmed data from Spot On Chain shows that the exploiter initially held 175,496 ETH ($294 million), but their current balance stands at $196.014 million as of now.
Recent Transfers by the FTX Exploiter
Since September 30, a total of 67,500 ETH has been transferred out of five of the 15 wallet addresses associated with the FTX exploiter. Out of this amount, 64,948 ETH ($108 million) was transferred through the THORchain router and 52 ETH ($84,000) to the Railgun contract. The remaining 2,500 ETH ($4.19 million) was exchanged for Bitcoin (tBTC).
The SBF Trial and Defense Arguments
The trial of SBF, who is implicated in the collapse of FTX, commenced on October 3. SBF has pleaded not guilty to all seven counts of fraud and money laundering charges. The second day of the trial saw the Department of Justice and SBF’s defense team presenting their statements to the jury.
The Department of Justice focused its arguments on SBF’s alleged involvement in misleading investors on the platform. On the other hand, the defense portrayed SBF as a young entrepreneur whose business decisions did not yield the expected results.
Stay Informed on the SBF-FTX Trial Developments
To receive the latest updates on the ongoing court trials of SBF and FTX, continue following our coverage. Stay informed about the progress and the outcome of these crucial legal proceedings.
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