Suspicious Activity: FTX Hacker Moves 22,500 ETH Worth $37 Million – What’s Going On?

FTX Hack Sam Bankman-Fried
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Fredrik Vold
Author Categories
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: AdobeStock / Rafael Henrique

In a series of concerning transactions, the hacker or group of hackers believed to be behind last year’s infamous FTX hack has moved millions of dollars’ worth of stolen crypto.

In the past few days, the so-called FTX hacker has transferred 22,500 Ether (ETH), equivalent to about $37 million by today’s exchange rate, according to a post on X from the on-chain analytics firm Lookonchain.

Out of the total, 7,500 ETH, worth approximately $12.4 million, was transferred as recently as on Monday.

Notably, these moves coincide with the impending trial of FTX’s former CEO and co-founder, Sam Bankman-Fried, who faces charges of fraud and money laundering.

Bankman-Fried faces more than 100 years in prison if found guilty on all counts.

One of 2022’s largest crypto heists

The hack that victimized FTX in 2022 was one of the year’s largest crypto heists, with losses estimated to exceed $350 million.

The attacker targeted the exchange’s wallets shortly after Bankman-Fried filed for Chapter 11 bankruptcy protection and left the company.

According to a Chainalysis report from last year, the drained funds were originally converted from Ether to Bitcoin (BTC) through RenBridge, a protocol that allows for decentralized cross-chain transfers between a number of different blockchains.

Inside job?

While the identity of the hacker remains unknown, Bankman-Fried has previously suggested in an interview that an insider, potentially a “former employee” or another malicious actor, might have gained access to FTX’s crypto wallets’ private keys.

This incident led to a US Justice Department investigation, aimed at uncovering the individual or group responsible for the hack.

Bankman-Fried’s successor as CEO, John J. Ray III, has previously revealed that FTX kept the private keys for its wallets private keys unencrypted and without adequate security measures in place.

More Articles

Price Analysis
Will Trump’s Tariffs Boost Bitcoin: Down 5% Again
Arslan Butt
Arslan Butt
2025-02-08 14:39:24
Price Analysis
Solana Struggles: Price Down Almost 15% in a Week – Is It Time to Buy?
Arslan Butt
Arslan Butt
2025-02-08 13:22:54
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors