FTX hacker still in possession of $339 million

The mysterious hacker who drained at least $400 million in digital assets from the failed exchange FTX is reportedly still holding about $339 million of those assets. According to Arkham Intelligence, wallets associated with the FTX hacker contain $215 million in Ether (ETH) and $48 million in Maker’s DAI stablecoin. The exploiter also has $44 million in Binance BNB native token, $4 million in Tether USDT stablecoin and $3.8 million in Polygon MATIC.

Arkham Intelligence also has said on Twitter that Paxos had been ordered by U.S. authorities to blacklist four addresses. The exchange has now frozen $20 million in PAXG, a Paxos stablecoin linked to the price of gold. As a result, the holder could not move the tokens or cash out.

After the blacklisting yesterday, Arkham Intelligence wondered about the hacker’s next move, stating that they “are now three days away from the attack on FTX“. So far, Paxos has blacklisted 4 addresses, and the attacker has bridged to and from several different networks several times. What will the FTX attacker do next?”

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The crypto intelligence platform also detailed in more detail the steps taken by the exploiter to move the loot safely. According to Arkham Intelligence, the exploiter acted in a hasty manner, as evidenced by his behavior on the network. The individual used several decentralized exchanges, including Uniswap, 1inch and CowSwap to convert tokens, and also ran into difficulties trying to dump digital currencies such as MATIC, LINK and PAXG into smaller accounts. The main purpose of splitting the funds into smaller versions was to negate losses from slippage.

Arkham Intelligence CEO, FTX hacker lacks “sophistication“it is only a matter of time before it is undone

However, Miguel Morel, managing director of Arkham Intelligence, believes that the hacker lacked finesse in his execution. According to Morel, “it is becoming increasingly clear that the FTX exploiter is not very sophisticated. He tried to do everything he could with the funds, apparently without much of a plan“.

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Despite their efforts to remain undetected, the pirates would have lost a significant portion of their token holdings by moving assets in a state of panic. It is this development that Morel believes would ultimately lead to the recovery of funds. According to him, the lack of sophistication in handling the stolen assets gives hope for eventual recovery. As the CEO of Arkham Intelligence put it:

“I think it’s only a matter of time before they are discovered because of their use of various exit ramps, and at that point it will simply be a matter of recovering the funds.”

FTX’s agitation

Last week, FTX filed for bankruptcy after failing to raise substantial funds to make up for the deficit created by massive customer withdrawals. Last Friday, the insolvent Bahamas-based exchange fell victim to a hack that leaked more than $600 million in crypto assets.

FTX’s insolvency sent shockwaves throughout the crypto space and led to an investigation process by government authorities.

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