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$36.8 million in Ether is moved by an FTX exploiter as Sam Bankman-trial Fried’s begins.

“At the outset, the exploiter possessed a substantial sum of 175,496 ETH, amounting to an impressive $294 million. However, as a result of a sequence of intricate transactions, the current balance within their portfolio has dwindled to a still noteworthy $196.014 million.

The crypto wallet address linked to the FTX exploiter was in motion, transferring approximately $36.8 million worth of Ether within the last 24 hours. This occurred against the backdrop of ongoing court proceedings surrounding the former CEO of the now-defunct crypto exchange, Sam Bankman-Fried (SBF).

It was on November 11, 2022, that accounts affiliated with FTX and FTX.US found themselves substantially depleted, to the tune of $600 million. This unfortunate event unfolded mere hours after the crypto exchange had filed for Chapter 11 bankruptcy. In the wake of this security breach, FTX’s General Counsel, Ryne Miller, promptly alerted traders to the situation, attributing the hack to malicious software:

“FTX has fallen victim to a hacking incident. Our communication channels remain open. We urge you to refrain from visiting the FTX website, as it may inadvertently download harmful Trojans onto your system. Importantly, we have managed to recover some of the funds.”

After a near-decade of silence, the FTX exploiter began orchestrating the transfer of the stolen assets. This endeavor commenced with a transfer of 10,250 ETH, valued at an astonishing $17.1 million, traversing through four distinct addresses between September 30 and October 1. These facts have been corroborated by data gleaned from Spot On Chain.

Notably, the initial holdings of the exploiter comprised an impressive 175,496 ETH, equivalent to an eye-watering $294 million. However, as detailed below, their current portfolio balance has now descended to $196.014 million.

Among the assets that underwent this transformation, 64,948 ETH, valued at a substantial $108 million, embarked on a journey through the intricate THORchain router. An additional 52 ETH, worth $84,000, found its way into the Railgun contract. The remaining 2,500 ETH, with a valuation of $4.19 million, underwent a transformation into Bitcoin (tBTC).

The trial of SBF, in relation to the downfall of FTX, commenced on October 3. In a courtroom drama that has gripped the financial world, the entrepreneur has entered a plea of not guilty to all seven charges, including allegations of fraud and money laundering.

As the trial unfolded on its second day, both the Department of Justice and SBF’s defense team presented their statements before a riveted jury. The DOJ remains steadfast in its focus on SBF’s purported role in deceiving investors on the platform, while the defense passionately argues that Bankman-Fried, in his youthful entrepreneurial spirit, made business decisions that ultimately “didn’t pan out.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.