On the same day, FTX’s new CEO, John Ray, confirmed the existence of “unauthorized transactions“. A report from blockchain intelligence firm Elliptic explains that on “more than $663 million” of displaced chips, it is estimated that “477 million dollars are suspected to have been stolen.“
Elliptic claims that more than $477 million has been siphoned from the FTX exchange portfolio.
Blockchain intelligence and analytics firm Elliptic has published an article detailing that an estimated $477 million in specific crypto assets have allegedly been stolen. Elliptic stated that “over $663 million” moved during the event where FTX employees noticed “unauthorized transactions.“After hacker siphons off $477 million,”the rest was reportedly moved to secure storage by FTX itself“, the Elliptic article details.
Elliptic also said that about $220 million has been exchanged for ethereum or stablecoin DAI via decentralized exchange platforms (dex). “More than $220 million in tokens have been exchanged for ETH or DAI via decentralized exchanges – a common tactic used by thieves seeking to avoid seizure of stolen assets.” Elliptic’s chief executive said. Elliptic also says the remaining funds were sent to the ethereum platform address “0x97f.“
Those funds remain in the address to this day, and they consist primarily of ERC20-standard tokens worth an estimated $194.72 million. When Elliptic wrote about the address on Nov. 12, the company said the cache was worth “186 million dollars spread over more than a hundred different chips“, as crypto-currency exchange rates were lower that day. While FTX employees noticed some strange transactions, FTX’s new CEO John Ray confirmed that there had been “unauthorized transactions” later in the day.
The $194 million portfolio contains 45.85 million FTTs, 143.88 million BOBAs, 52.93 million SRMs, 3.2 million LEOs, 5.41 million MATICs, 50.45 million CROs, 9,381 XAUTs (tether gold), 2.02 million DYDXs and dozens of other ERC20 tokens. Address 0x97f has not been used since November 12, 2022. Following Elliptic’s article, onchain data from funds not associated with address 0x97f indicates that after shuffling the stash into stablecoins like DAI, a majority of the funds have been converted to ethereum in the past 24 hours. The original address is reported as the “FTX Account Sponsor” on the etherscan.io block explorer. Other Ethereum block browsers have marked the original address as the “FTX hack“.
It appears that the person or entity known as “FTX Accounts Drainer“Now holds a credit card number with a balance of 228,523.83 ETH. The balance in the ETH portfolio is worth $285.15 million based on current data. In addition to the person or entity that filled the wallet with more than 228,000 ETH, a number of transactions were sent to this address. The account nicknamed “FTX Accounts Drainer” is now the 35th largest ethereum portfolio today in terms of the number of ether held. The ethereum account has seen a total of 593 transactions since its inception.