FTX drainer moves millions in ether for first time in nearly a year

Quick Take

  • Roughly 2,500 ether ($4 million) connected to last year’s FTX exploit have been moved in multiple privacy-focused transactions.

Roughly 2,500 ether ($4 million) connected to the apparent exploit of FTX during last year's debacle is on the move for the first time in nearly one year, publicly available blockchain data indicates.

The funds were divided via multiple transactions. 700 ether was transferred using the Thorchain Router, a cross-chain bridge with a focus on privacy. 1,200 ether was transferred through Railgun, a privacy-focused DeFi wallet that allows for shielded transactions. 550 ether remains in another wallet.

The exploiter still has 12,500 ether ($21 million) in its original wallet.

FTX exploiter's identity remains a mystery

How exactly the funds were drained from FTX and who did it still remains a mystery.


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Accounts tied to the collapsed exchange and its U.S. affiliate were drained on Nov. 11, 2022, almost immediately after the company filed for Chapter 11 bankruptcy protection and disgraced founder Sam Bankman-Fried resigned.

Shortly after the exploit took place, roughly 21,500 ether ($27 million, at the time) was converted into stablecoin DAI.

Bankman-Fried is scheduled to go on trial next week. He has pleaded not guilty to all charges.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].