According to blockchain detective Chainalysis, funds stolen from FTX are on the move.
Chainalysis stated that all cryptocurrency exchanges should be on alert if hackers decide to cash out their stolen funds.
Chainalysis Tracks Funds Stolen From FTX
Chainalysis continues to investigate the status of funds stolen from FTX. The firm states that funds are currently in motion. In addition, the firm denied reports about stolen funds allegedly sent to the Bahamas Securities Commission. On November 18, the Reserve Bank of India accepted an order to transfer funds to a cold wallet for the custody of FTX’s assets.
The firm says stolen cryptocurrency funds are bridged from ETH to BTC. He added that these cryptocurrencies are likely to be passed through cryptocurrency mixers before attempting to cash out funds illegally obtained by hackers. Chainalysis also stated that it is in contact with industry partners about the issue.
Last week, FTX confirmed a hack shortly after filing for bankruptcy, marking another dramatic case in the rapid collapse of the cryptocurrency exchange.
After the hack event, some users started to speculate that someone from FTX might be behind this incident.
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