FTX Hacker Continues To Drain Crypto Exchange Wallets

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The FTX hacker stole more than $455 million in assets from the platform before it declared bankruptcy on November 11. But they are still stealing assets from it four days since it was first noticed.

In a tweet, the crypto analytics company Certik stated that the attacker’s wallet has continued stealing cryptocurrency from the accounts connected to the FTX.US and FTX. Currently, $62.5 million total assets are stored in the FTX attacker wallet.

FTX Hacker Continues To Drain Funds

From November 12, the hacker’s wallet has acquired, traded, and delivered over 2.75 million meme cryptocurrencies to well-known accounts. Most of these meme cryptos were foul language tokens, such as Fuck FTX, FTX Sucks, CRO Next, and others.

According to a cryptocurrency specialist with the Twitter handle ZachXBT, the sudden influx of cash is on-chain token faking. According to the crypto expert, the latest flow of cash in the FTX breach scandal is one instance of how Etherscan transaction records can be fooled.

If the remainder is stated in the compiled smart contract, the “transfer from” “transfer” functions of the ERC-20 protocol can be adjusted to permit any unknown address to transmit tokens. Thus, leading to an exchange of a token from a separate address from the one which launched the transaction.

Even without supervision on the part of the account owner, these coins can be transmitted to any account. Subsequently, the coins can be sent from that account (to another location).

When you examine the transfer, the address listed under “sent by the” will differ. This is because the hack was detected immediately following FTX’s insolvency announcement last Friday.

Out of the $664 million withdrawn at the time, $478 million was assumed as stolen. However, the remaining money was thought to have been transferred by FTX to cold wallets.

The user of the account was discovered exchanging $26 million worth of Tether (USDT) for Dai through 1inch and authorized the Pax Dollar (USDP) exchange, Paxos, a stablecoin, using the Protocol of CoW. Additionally, the wallet permitted purchases and sales of Compound USDT (cUSDT), Staked Ether (stETH), and Chainlink (LINK).

FTX.US and FTX global were wholly distinct businesses. Therefore, the simultaneous asset theft by attackers in both companies raised questions about whether this attack was an inside operation.

The post FTX Hacker Continues To Drain Crypto Exchange Wallets appeared first on Herald Sheets.

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