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FTX funds on the move as thief converts thousands of ETH into Bitcoin

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According to blockchain analysis company Chainalysis, funds stolen from the FTX crypto exchange are now being converted from ETH into Bitcoin.

On Nov. 20, Chainalysis took to Twitter to encourage exchanges to freeze these coins, should the thief attempt to convert them into fiat or further obfuscate the assets through other means.1/ Funds stolen from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to cash outAmid the controversial collapse and bankruptcy of FTX, news broke that an unknown actor had stolen 228,523 ETH from the exchange.

The ownership of these coins, worth a whopping $268,057,479 USD at time of publication, currently rank the thief as one of the largest owners of ETH in the world.Update: FTX Hacker is now actively dumping ETH on-chainHe has dumped about $15 million ETH in the past 30 minutes and just prepped a fresh batch of $12 millionStill has $270m ETH in main walletHe's selling ETH to wBTC to renBTC through aggregators like 1inch initial reports suggested that all of the funds in question might be in the custody of securities regulators in the Bahamas, Chainalysis poured cold water on this theory however, stating:At time of publication, approximately 31,000 ETH had been converted into wrapped BTC.

The thief then sent the coins crosschain to a Bitcoin mainnet wallet using the Ren Protocol, with the final amount received totalling 2444.55 BTC.LIVE: FTX Drainer (Aka Bahamas Gov?) Liquidating ETHAddy #1 - 0x59Addy #2 - 0x86Flow So Far- Move $ETH from #1 to #2 - Swap $ETH for $renBTC- Send it to NULL AddyUpdate- Sold 31k $ETH for 2.2k $renBTC- Sending all $renBTC to NULL Address (ETH Genesis Address)1/n

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