An unknown person who stole more than 250,735 ETH (~$235.5 million) from exchange FTX traded 50,000 ETH for wrapped bitcoin by the Ren protocol and connected resources to cross chain bridge transfer to the main network.
#PeckShield alert FTX Accounts Drainer 1 currently holds 200,735.1 $ETH (~$235.5 million) and falls to the 37th largest holder of $ETH (since 27)
FTX Accounts Drainer 1 transferred 50k $ETH (~$58.5M) to 0x866E, then 0x866E traded them $ETH for ~3,517 $renBTC and overtaken pic.twitter.com/Qokr8bQrvg— PeckShieldAlert (@PeckShieldAlert) November 20, 2022
In one series of transactions, the hacker used the decentralized platforms Uniswap, Curve and 1inch for swaps. During the interim asset exchange operations, another representative version of the first cryptocurrency, wBTC, emerged.
After converting some ETH, the hacker dropped from 27th place in the Ethereum whale ranking at position 37.
#PeckShield alert FTX Accounts Drainer 1 currently holds 200,735.1 $ETH (~$235.5 million) and falls to the 37th largest holder of $ETH (since 27)
FTX Accounts Drainer 1 transferred 50k $ETH (~$58.5M) to 0x866E, then 0x866E traded them $ETH for ~3,517 $renBTC and overtaken pic.twitter.com/Qokr8bQrvg— PeckShieldAlert (@PeckShieldAlert) November 20, 2022
Chainalysis, which also monitored the transactions, denied reports that the assets were in the custody of regulators:
“Claims that stolen FTX funds were actually sent to the Bahamas Securities Commission are incorrect. Some of the assets were stolen, others were turned over to regulators.
2/ Reports that stolen FTX funds were actually sent to the Securities Commission of the Bahamas are incorrect. Some funds were stolen and other funds were sent to regulators.
— Chainalysis (@chainalysis) November 20, 2022
In October, experts from analyst firm Elliptic noted that hackers are active use cross chain bridges for recycling stolen funds. According to them, the criminal proceeds went through RenBridge in the amount of at least $540 million. This includes proceeds from ransomware, stolen assets from North Korea, and approximately $2.4 million from hack Nomad.
In early 2022, FTX-affiliated trading firm Alameda Research acquired Ren Protocol. After November 11, the parent structure of the group, FTX Group, files for bankruptcyteam Ren lost quarterly funding.
According to the developers, the available funds will be enough until the end of the year. They made the decision to force transition to a community-driven open source protocol. With the goal of launching Ren 2.0, the team will shut down the first iteration of the network “as soon as possible.” The process of issuing wrapped coins will be interrupted, while burning will remain available for 30 days.
1) We recently released an update on how Ren will move forward from Alameda: https://t.co/VFEYHbjZmz
— Ren (@renprotocol) November 20, 2022
Recall that the hacker who initially actively hacked FTX transferred stolen assets to ETH.
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