FTX’s stolen crypto funds linked to Russian cybercrime networks
Blockchain analytics firm Elliptic has released new findings that suggest a Russian-linked entity may be behind the high-profile hack of cryptocurrency exchange FTX. The revelation comes as part of an ongoing investigation into the theft of a staggering $477 million in various cryptocurrencies from the exchange. Funds moved during SBF’s court appearance Elliptic’s report highlights a key moment that casts doubt on initial suspicions that FTX founder Sam Bankman-Fried could be involved in the theft. According to the firm, $15 million of the stolen assets were moved on Oct. 4, 2023, at 3:41 p.m. EST. At that time, Bankman-Fried was reportedly in a Manhattan courtroom without internet access, making it unlikely that he was responsible for the transaction. Since the hack, a significant portion of the stolen funds has been converted to Bitcoin (BTC) and funneled through ChipMixer, a now-defunct privacy mixer. Elliptic’s Analysis shows that these assets were often m...