A new research conducted by cryptocurrency analysis firm Elliptic attracts attention. Accordingly, there is a statement about the $400 million stolen from the FTX exchange, which was dissolved last November. It reveals that a significant portion may be linked to Russian cybercrime groups. The stolen funds, primarily ETH, lay dormant for five days before approximately 65,000 ETH were moved to the Bitcoin blockchain via the RenBridge service. The attackers then leveraged a blockchain tool known as a mixer to hide transactions.
Uncovering the trail of stolen cryptocurrencies
Elliptic reported that of the 4,536 Bitcoin converted from ETH via RenBridge, approximately 2,849 BTC were transferred through mixers, with most going through a service called ChipMixer. This transition has made tracking assets more difficult. However, it is emphasized that $ 4 million went to cryptocurrency exchanges and could potentially be converted into cash.
There was a breakthrough after ChipMixer was seized during an international law enforcement operation. Accordingly, criminals began using Sinbad for jamming services. Efforts to remain anonymous for cryptocurrency attract attention. However, analysis of wallet data and fund movements ultimately helps identify the perpetrators.
leading suspects
Elliptic’s investigation led to a number of suspects, including rogue employees at FTX and Lazarus, a North Korean hacker group known for allegedly exploiting various cryptocurrency protocols. However, on-chain evidence points more strongly to Russian interference. According to Elliptic, “An actor with Russia ties seems like a stronger possibility.” Many of the stolen assets tracked through ChipMixer were mixed with funds from Russia-linked criminal groups, including ransomware gangs and darknet markets, before being sent to exchanges. This shows that a broker or intermediary with ties to Russia is involved.
The timing of the cryptocurrency heist is also interesting. Accordingly, it occurred on November 11, 2022, after the company filed for bankruptcy. Also around that time, FTX founder Sam Bankman-Fried resigned from his position. Afterwards, hackers targeted accounts linked to cryptocurrency exchange FTX and FTX US. Federal prosecutors took action last year, shortly after Bankman-Fried resigned from her position at FTX. Accordingly, they claimed that he committed wiretapping fraud twice and various types of fraud five times. Prosecutors also accused SBF of conspiracy. Now his trial continues. Additionally, as cryptokoin.com, the investigation into this $400 million robbery continues.
