Elliptic Analysis Says $477 Million Stolen From FTX, ‘Accounts Drainer’ Becomes 35th Largest ETH Holder

Elliptic Analysis Says $477 Million Stolen From FTX, "Accounts Drainer" Becomes 35th Largest ETH Holder

Three days ago, on Nov. 11, 2022, it was reported that FTX’s wallets saw unusual activities and FTX Telegram channel admins stressed that FTX was “hacked.” The same day, the new FTX CEO John Ray confirmed there were “unauthorized transactions.” A report by the blockchain intelligence firm Elliptic explains that out of “more than $663 million” worth of tokens moved, it is estimated that “$477 million is suspected to have been stolen.” Elliptic Says More Than $477 Million Siphoned from the FTX Exchange Wallet

The blockchain analysis and intelligence company Elliptic published a blog post that details that an estimated $477 million in specific crypto assets were reportedly stolen. Elliptic said that “more than $663 million” moved during the event where FTX employees noticed “unauthorized transactions.” After the hacker siphoned $477 million, “the remainder is believed to have been moved into secure storage by FTX itself,” Elliptic’s blog post details.

Elliptic also said that roughly $220 million was swapped for ethereum (ETH) or the stablecoin DAI via decentralized exchange (dex) platforms. “Over $220 million of the tokens have been swapped for ETH or DAI through decentralized exchanges – a common tactic used by thieves seeking to avoid seizure of the stolen assets,” Elliptic’s blog post explains. Elliptic also details that the remaining funds were sent to the ethereum (ETH) address “0x97f.”

Those funds remain in the address to this day, and the funds mostly consist of ERC20-standard tokens worth an estimated $194.72 million. When Elliptic wrote about the address on Nov. 12, the company said the stash was worth “$186 million across more than a hundred different tokens,” as crypto exchange rates were lower that day. While FTX employees noticed odd transactions, FTX’s new CEO John Ray confirmed there were “unauthorized transactions” later that day.

The wallet with $194 million holds ​​45.85 million FTT, 143.88 million BOBA, 52.93 million SRM, 3.2 million LEO, 5.41 million MATIC, 50.45 million CRO, 9,381 XAUT (tether gold), 2.02 million DYDX, and dozens of other stashes of ERC20 tokens. The 0x97f address has not transacted since Nov. 12, 2022. Following Elliptic’s report, onchain data stemming from the funds not associated with the 0x97f address indicates that after mixing the stash into stablecoins like DAI, a majority of the funds were converted to ethereum (ETH) during the last 24 hours. The original address is flagged as the “FTX Accounts Drainer” on the block explorer etherscan.io. Other Ethereum block explorers have tagged the ether address as the “FTX Exploiter.”

It seems the person or entity known as the “FTX Accounts Drainer” now holds a balance of 228,523.83 ether. At 4:30 p.m. (ET), the wallet’s ETH balance is worth $285.15 million using current ETH exchange rates. Besides the person or entity that filled the wallet up with over 228K ether, a number of dust transactions have been sent to the address. The account dubbed the “FTX Accounts Drainer” is now the 35th largest ethereum wallet today in terms of the number of ether held. The ethereum account has seen a total of 593 transactions since it was first created. Tags in this story 35th largest ethereum, Accounts Drainer, crypto assets, ether, Ethereum, Ethereum (ETH), Ethereum wallet, etherscan, etherscan.io, FTT, FTT tokens, ftx, FTX Accounts Drainer, FTX CEO John Ray, FTX Hack, matic, Serum, SRM

What do you think about the $477 million in stolen funds stemming from the now-defunct FTX exchange? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. SBF Is Sleeping Better, Playing Video Games — New York Times Sam Bankman-Fried Interview Dunked on for Going Soft on FTX Co-Founder NEWS | 1 hour ago 2 More Crypto Platforms Pause Withdrawals as Liquid Global and Salt Lending Cite Exposure to FTX NEWS | 4 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleThe Grand WAHED PitchFest – Pitch Your Idea and Win 25,000 USDT Next articleSBF Is Sleeping Better, Playing Video Games — New York Times Sam Bankman-Fried Interview Dunked on for Going Soft on FTX Co-Founder Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms