FTX hacker moves $120M amid Sam Bankman-Fried trial: Report
Anonymous hackers of the now-defunct exchange FTX have been moving large amounts of assets stolen from the platform, with new transactions occurring just as the trial of FTX founder Sam Bankman-Fried gets underway.
As much as 72,500 Ether (ETH) of stolen assets from FTX has awakened for the first time since the exchange was hacked in November 2022, the blockchain analytics firm Elliptic reported on Oct. 12.
According to Elliptic, the thief has converted $120 million worth of ETH into Bitcoin (BTC) through the multichain decentralized exchange (DEX) THORSwap since Sept. 30, 2023.
The first converting transactions were made just a few days before Bankman-Fried’s trial started on Oct. 3. At the time of the hack, the converted amount was worth $87 million, or 18% of the total stolen funds of $477 million.
The FTX hacker applied a similar laundering technique to the one deployed in November 2022, when the hacker transferred 65,000 ETH ($100 million) to BTC using the cross-chain bridge RenBridge.
“The 180,000 ETH that was not converted to Bitcoin through RenBridge remained dormant until the early hours of Sep. 30, 2023 — by which time it was worth $300 million,” Elliptic wrote in the new report.
Elliptic mentioned that the FTX hacker lost $94 million in the days following the hack as the attacker rushed to launder the funds through decentralized exchanges, cross-chain bridges and mixers.
Related: FTX hacker could be using SBF trial as a smokescreen: CertiK
Almost a year after the hack, the identity of the FTX thief is still unknown, Elliptic noted. The blockchain analytics firm suggested three possibilities for who could be behind the FTX theft: an FTX inside job, North Korea’s Lazarus Group and Russia-linked criminal groups.
“Some FTX employees would have had access to the business’s crypto assets in order to move them for operational reasons. In the chaos surrounding the company’s bankruptcy and collapse, it may have been possible for an internal actor to take these assets,” the Elliptic’s report reads.
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Former anti-corruption minister Tulip Siddiq is set to face trial later this month over corruption allegations in Bangladesh.
Ms Siddiq resigned from her ministerial role earlier this year over accusations she illegally received a plot of land in a new high-end development on the outskirts of Dhaka, Bangladesh’s capital, from her aunt, Sheikh Hasina, who was ousted as prime minister last year.
Bangladesh’s Anti-Corruption Commission (ACC) claims the Labour MP received a 7,200sq ft plot in the diplomatic zone through “abuse of power and influence”.
The ACC confirmed Ms Siddiq’s case is due to be heard in Bangladesh on 11 August.
A top official at the Commission told Sky News that if the Labour MP refuses to attend court on this date, a trial will be held in her absence.
It is understood she will not be present.
Ms Siddiq’s lawyers have denied the allegations against her.
Tulip Siddiq with Sheikh Hasina in 2009. Pic: Reuters
Sky News understands an article published on Thursday morning saying the Labour MP for Hampstead and Highgate will face trial in Bangladesh over the allegations is the first Ms Siddiq had heard of the court date.
A source close to Ms Siddiq told Sky News her lawyer was in court every day last week to request information, but was denied it.
An ACC official said Ms Siddiq’s lawyer “was absent in the court” when the court order was issued on Thursday.
They added that the order relates to three cases involving Ms Siddiq and others – all regarding corruption around the Purbachal new town project.
The Commission will continue to take steps “to ensure justice against the perpetrators”, the official said.
Ms Siddiq’s lawyer said: “For nearly a year now, the Bangladesh authorities have been making false allegations against Tulip Siddiq.
“Ms Siddiq has not been contacted or received any official communication from the court and does not and has never owned any plot of land in Purbachal.
“This longstanding politically motivated smear campaign has included repeated briefings to the media, a refusal to respond to formal legal correspondence, and a failure to seek any meeting with or question Ms Siddiq during the recent visit by the Anti-Corruption Commission (ACC) to the United Kingdom.
“Such conduct is wholly incompatible with the standards of a fair, lawful, and credible investigation.
“In light of these facts, it is now time for the Chief Adviser and the ACC to end this baseless and defamatory effort to damage Ms Siddiq’s reputation and obstruct her work in public service.”
Read more:
Bangladesh issues arrest warrant for Tulip Siddiq – as she denies claims
Tulip Siddiq: ‘My lawyers are ready’ for questions about corruption claims
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‘Leave me alone’: MP tells Bangladeshi authorities
In June, Ms Siddiq accused Bangladesh’s interim leader, Nobel Prize-winning economist Professor Muhammad Yunus, of conducting an “orchestrated campaign” to damage her reputation and “interfere with UK politics”.
In a legal letter seen by Sky News in June, the MP also said comments made by Professor Yunus in a Sky News interview have prejudiced her right to a fair investigation, meaning the corruption inquiries should be dropped.
The interim leader, who took over after Ms Hasina was ousted last year following violent protests, said Ms Siddiq “has so many (sic) wealth left behind here” and “should be made responsible”.
Sheikh Hasina fled Bangladesh after being accused of rigging elections and interfering with the judicial system. Pic: AP/ Yomiuri Shimbun
Professor Yunus’ press secretary said he and the ACC “has no reason and scope to interfere in UK politics”.
“The Anti-Corruption Commission relies not on hearsay but on documentary evidence and witness testimony,” they said.
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