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FTX Hacked Funds Sent to OKX | Attacker Is An Internal Employee?

  • On-chain data indicates that the FTX hacker transferred 225 BTC to OKX.

  • Analysts reported that 50% of the funds were removed after the CoinMixer withdrawal, while the other 50% were transferred to OKX.

  • Members of the community believe it was an insider job.

30-Nov-2022 By: Rohit Tripathi
FTX Hacked Funds Sen

The FTX debacle, which was already a bad tale, got even worse when a few attackers hacked the FTX exchange earlier this month. 

As per the latest reports, the attacker that targeted FTX transferred $4.1 million in Bitcoin (approx 255 BTC) to OKX. A crypto researcher known as ZachXBT claimed on Twitter that the FTX hackers utilized the Bitcoin mixer ChipMixer to transfer the stolen funds. 

Following the announcement, OKX Exchange conducted an immediate investigation and froze the attacker's account. So far, the attackers are widely suspected to be FTX employees.

Is it an internal employee or a third party?

The fact that hackers were able to drain assets from FTX and FTX US at the same time, despite the fact that these two entities are fully autonomous, became a hot topic of discussion within the crypto community, raising speculations that it is an insider job.

However, FTX launched an investigation with law enforcement to find the attackers. Moreover, similar activities were observed previously with Kraken exchange, who stated that they froze hackers' accounts and are working with law enforcement to discover the attackers.

In response to the million-dollar hack, SBF announced earlier today that it was either an ex-employee or someone had installed malware on an ex-employee's computer. The comment from SBF has shed some insight into the possibility of an internal flaw.

Conclusion

It appears that the FTX drama is not going to end soon, first the community witnessed the filing of bankruptcy by several exchanges due to exposure to FTX, and now the transfer of stolen million-dollar funds. 

However, the price of Bitcoin is unaffected by these transfers. It is currently trading at $16,870, up 2.4% in the last 24 hours.

What do you think, is it an insider job or is someone else behind the hack? Share your thoughts in the comment section below.

Read also: Users of FTX US Will Receive a Complete Refund: SBF

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