The hack was speculated to be an “insider job.”
The crypto industry just experienced the most shocking insolvency of a custodian since Mt. Gox with the stunning collapse of FTX. The exchange was also hit by a $600 million exploit over the weekend. The mysterious hacker behind it is now the 35th richest ETH holder.
Several addresses tied to the FTX accounts drainer moved more than 21,555 ETH worth, or over $27 million, to a single address which was then converted to DAI on the swapping service CowSwap.
PeckShield revealed that the addresses raked in over $48 million of DAI and swapped the funds into 37,000 ETH.
Data also suggest that the account drainer currently holds over 288,000 ETH, thereby making it the 35th-largest holder of the crypto-asset.
Another blockchain analytic firm – Certik, revealed that the funds from the wallets associated with the FTX and FTX.US are still being drained.
Popular crypto analyst – ZachXBT – has now claimed the recent transfer of funds could, in fact, be on-chain token spoofing while adding that Etherscan transfer logs can be spoofed.
Meanwhile, the exploiter also converted 7,420 BNB, which are valued at more than $2 million, to 1,500 ETH with the help of PancakeSwap and later bridged the converted ETH to the Ethereum network.
Crypto assets from both FTX global and FTX.US were drained right after the former filed for bankruptcy.
Since these two entities describe themselves as being completely independent, their hacks occurred around the same time, raising suspicions that the entire event was carried out by an insider.