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CertiK: FTX hacker may exploit SBF trial as a diversion

CertiK: FTX hacker may exploit SBF trial as a diversion

The FTX hackers, known as “FTX Drainer,” have been increasing their movement of stolen funds in recent weeks, possibly using the media attention surrounding Sam Bankman-Fried’s fraud trial as a cover. The hacker has been transferring millions of dollars worth of Ether, with approximately $24 million being moved in the last three days alone. This increased urgency to conceal the assets may be due to the public attention and media coverage the trial is receiving. The FTX team had declared bankruptcy on November 11 after noticing massive withdrawals of funds from their wallets. They managed to prevent the hacker from gaining a full $1 billion by transferring a significant amount of remaining funds to a privately owned Ledger cold wallet. The hacker has been changing their method for obscuring funds, using a more sophisticated laundering method that considerably prolongs the tracing process. The investigation into the FTX hack is ongoing, and no individuals or groups have been identified as responsible yet.

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