Blockchain Analysis Firm Issues Alert, Says Over $60,000,000 in Crypto Stolen From FTX on the Move

Blockchain Analysis Firm Issues Alert, Says Over $60,000,000 in Crypto Stolen From FTX on the Move


Market intelligence firm Chainalysis warns that the bad actor responsible for draining funds from FTX is relocating $60 million worth of crypto assets.

Chainalysis issued the alert over the weekend, encouraging crypto exchanges to be on the lookout should the hacker attempt to cash out.

According to the blockchain analysis firm, the exploiter used the decentralized finance platform Ren (REN) to convert tens of millions of dollars worth of Ethereum (ETH) into renBTC, an ETH-based token pegged to the value of Bitcoin (BTC) that allows the user to transfer the crypto asset across different blockchains.

Trending: If You See This on Your Car’s Windshield, Run and Call the Police

Explains Chainalysis,

“Funds were bridged from ETH to BTC, likely to be mixed prior to a cash-out attempt. You can see this morning’s movements in Reactor.” 

Source: Chainalysis/Twitter

Blockchain security

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend