Stolen FTX Funds Worth Over $400 Million on the Move, Tracing Suggests Links to Russian Money Launderers

October 13, 2023.

While FTX founder Sam Bankman-Fried faces a criminal trial in Manhattan, cryptocurrency tracing firm Elliptic reveals that the thieves who stole over $400 million from FTX are actively moving the funds across blockchains. After nine months of dormancy, the stolen funds are being transferred through various crypto services, raising speculation about potential ties to Russian cybercrime. Elliptic’s analysis indicates a connection between the stolen FTX funds and a pool of funds associated with Russia-linked ransomware hackers and dark web markets. The thieves have employed typical strategies to secure and launder the funds, with recent movements coinciding with Bankman-Fried’s trial. Despite the use of mixing services, the tracing firms remain hopeful of identifying the perpetrators as they attempt to cash out the stolen cryptocurrency.

Image by CryptoPotato

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top