FTX Mining Moves $36.8M in Ether as Sam Bankman-Fried Trial Begins
The crypto wallet address linked to the FTX exploit has moved about $36.8 million worth of Ether (ETH) in the last 24 hours. In the court trial of former CEO of crypto exchange Sam Bankman-Fried (SBF).
Accounts linked to FTX and FTX.US collapsed for $600 million on November 11, 2022, hours after the crypto exchange filed for Chapter 11 bankruptcy. At the time, FTX General Counsel Ryne Miller informed traders about the hack due to malware:
“FTX has been hacked. Chat is open. Please don't go to FTX site, it might download trojans. Note that some funds are earned.
After 10 months of silence, the FTX exploiter began withdrawing the stolen funds, starting with the transfer of 10,250 ETH worth $17.1 million to four addresses between September 30 and October 1, data from Spot On Chain confirms.
The exploiter initially holds 175,496 ETH ($294 million). However, the current balance in their portfolio has dropped to $196.014 million, as shown below.
As of September 30, a total of 67,500 ETH was transferred to five of the 15 wallet addresses connected to the FTX exploit.
Of the lot, 64,948 ETH ($108 million) was transferred to the THORchain router and 52 ETH (worth $84,000) to the Railgun contract. The remaining 2,500 ETH ($4.19 million) was exchanged for Bitcoin (tBTC).
Related: September will be the biggest month for crypto exploits in 2023: CertiK
The SBF hearing related to the failure of FTX began in 2008. It's October 3rd. The entrepreneur has pleaded not guilty to seven counts of fraud and money laundering.
We decided to show you the leadership of the @SBF_FTX experiment. Here's Bankman-Fried's life, life, life, life, life, life, life, life, life, life, life, life, life. From glass monologues to peanut butter parties, the fall is real. pic.twitter.com/v73IA6d5l2
— Cointelegraph (@Cointelegraph) October 3, 2023
On the second day of the trial, the Justice Department and the SBF defense team made their statements before the jury. While the DOJ continued to make its arguments against SBF's role in misleading investors on the platform, the defense argued that Banman-Fried was a young entrepreneur who made “unsuccessful” business decisions.
Read more to stay up-to-date on the latest developments surrounding the SBF–FTX court trials.
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