The recent court trials of Sam Bankman-Fried (SBF), the former CEO of defunct crypto exchange FTX, have coincided with the movement of approximately $36.8 million worth of Ether (ETH) from a crypto wallet address associated with the FTX exploiter. This development has raised eyebrows in the crypto community.
To provide some context, FTX and its US-based counterpart, FTX.US, were victims of a massive hack on November 11, 2022. The exchange had just filed for Chapter 11 bankruptcy when hackers drained accounts linked to both platforms, resulting in a loss of $600 million. FTX’s general counsel, Ryne Miller, informed traders about the hack and urged them to avoid visiting the FTX website due to potential Trojan downloads. He also mentioned that some funds were successfully retrieved.
After almost 10 months of silence, the exploiter responsible for the hack began transferring the stolen funds. Starting with 10,250 ETH worth $17.1 million, which was moved through four different addresses between September 30 and October 1. This information is confirmed by data from Spot On Chain, a reliable source for blockchain analytics.
Initially, the exploiter held 175,496 ETH (approximately $294 million) in their portfolio. However, their current balance has decreased to $196.014 million. The exact breakdown of the funds’ movement can be observed in the provided portfolio balance image.
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Since September 30, a total of 67,500 ETH has been transferred out of five out of the 15 wallet addresses linked to the FTX exploiter. Out of this amount, 64,948 ETH ($108 million) was moved through the THORchain router, 52 ETH ($84,000) was sent to the Railgun contract, and the remaining 2,500 ETH ($4.19 million) was exchanged for Bitcoin (tBTC).
It is essential to note that these developments happened concurrently with SBF’s trial, which commenced on October 3. SBF has pleaded not guilty to the seven charges against him, which include fraud and money laundering. On the second day of the trial, both the Department of Justice and SBF’s defense team presented their statements to the jury.
The Department of Justice focused its arguments on SBF’s alleged role in misleading investors on the FTX platform. Conversely, the defense portrayed SBF as a young entrepreneur who made business decisions that ultimately did not work out. The jury will ultimately determine the outcome of this high-profile case.
To stay updated on the latest developments regarding the SBF-FTX court trials, it is recommended to regularly check reputable sources like CoinTelegraph. The outcome of this trial could have significant implications for the crypto community and set important precedents for the industry.
In conclusion, the movement of millions of dollars worth of Ether from the FTX exploiter’s wallet address raises questions about the timing and potential connection to the ongoing court trials involving Sam Bankman-Fried. The trial is still ongoing, and both the prosecution and defense have presented their arguments. It remains to be seen how this case will unfold and what impact it may have on the crypto industry moving forward.
