A market analyst has spotted a pattern in the fund transfers made by the FTX hacker to OKX. The crypto exchange said that it is investigating into the matter.
On Tuesday, November 29, the FTX hacker who drained $450 million worth of assets from the exchange, moved some of his assets to the crypto exchange OKX in an attempt to launder money. The FTX hacker has been constantly shuffling funds from one digital asset to other.
Initially, the hacker converted all the stoled stablecoins into Ether and later into Bitcoin. On Tuesday, the FTX hacker transferred 255 Bitcoins worth $4.1 million to the crypto exchange OKX. Popular analyst ZachXBT posted it on Twitter alleging that hackers have transferred a portion of the stolen funds to OKX after using the Bitcoin mixed ChipMixer.
1/ Myself and @bax1337 spent this past weekend looking into the FTX attacker’s deposits to ChipMixer.
It appears they’ve likely been transferring a portion of the stolen FTX funds to OKX after withdrawing from CM
So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX pic.twitter.com/C46JZWtktn
— ZachXBT (@zachxbt) November 29, 2022
As per ZachXBT, the FTX hacker started depositing BTC into ChipMixer on November 20. Prior to this, the hacker was using Ren Bridge, a protocol that acts as a bridge for cryptocurrencies. In his further analysis, ZachXBT said that he has started observing a pattern with addresses receiving funds from ChipMixer.
He further noted that each of the addresses follows a similar pattern: “withdrawal from CM”, “50% peels off” and then “50% deposited to OKX”. He further added: “FTX attacker first began depositing BTC into ChipMixer on 11/20 after using the Ren Bridge. It will be interesting to see how they launder the rest of the funds in the coming weeks.”
Crypto Exchange OKX Announces Investigation
As the news regarding the hacker moving his funds to the crypto exchange OKX started circulating, the Director of OKX said that they are aware of the matter and that his investigating the wallet flows.
#OKX is aware of the situation, and the team is investigating the wallet flow.
— lennixlai.eth (OKX) (@LennixOKX) November 29, 2022
LedgerX to Make $175 Million for FTX’s Bankruptcy Proceedings
As per people familiar with the matter, LedgerX – a crypto derivatives platform by FTX – is preparing to make $175 million available for use in FTX’s bankruptcy proceedings. The money shall be transferred as soon as Wednesday, November 30, the sources said.
This money comes from a $250 million fund that LedgerX had set aside to bid for regulatory approvals to clear the crypto derivatives trade. A spokesperson of the CFTC, the agency behind LedgerX, said that the agency has been aware of its planned transfer. This transfer of funds will serve as a breather to investors scrambling to recoup losses.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
