Russia, frequently singled out for its discreet interventions in the crypto sphere, is now at the center of a major scandal: the dazzling hack of FTX.
A colossal crypto loss and traces left behind
The SDF trial is capturing more and more attention, raising questions about what is really at stake in the market.
Elliptical, recognized expertise firm, reveals a scenario worthy of a spy film. FTX, once a crypto juggernaut, saw its $400 million hoard evaporate. Digital trails lead to cybercriminal groups located in Russia, making the motherland the number one suspect.
Just days after the theft, a sizable transfer of 65,000 in crypto ETH, worth $100 million, was made to the Bitcoin blockchain. To orchestrate this maneuver, the cybercriminals used the RenBridge service.
Concealment maneuvers
But how to avoid the spotlight after such a blow? The criminals, experts in the art of concealment, used mixers based on the blockchain.
ChipMixer, one of these services, participated in the conversion of 4,536 Bitcoins. But the noose is tightening: 4 million dollars in crypto are spotted on various exchanges, perhaps betraying a clumsy withdrawal attempt.
When ChipMixer is taken out of business following an international operation, our criminals turn to Sinbad, another crypto mixing service. Suspicions are multiplying, theories are flying.
Lazarus, the famous North Korean hacker group, was for a while in the spotlight of suspicion. However, the elements collected by Elliptic direct the accusations more towards Russia.
The consequences for FTX and its actors
On November 11, 2022, the affair of the FTX crypto exchange took a dramatic turn. Beyond the financial disruptions, Sam Bankman-Fried, the founder, resigned, and in the process, his accounts were mysteriously emptied. Quickly, allegations of fraud emerged against him.
Despite the uproar, activity around stolen assets is intensifying. Even before the Bankman-Fried trial opened, these funds were circulating, notably through the Railgun and THORChain platforms.
In this digital fray where actors mingle and untangle, one question persists: to what extent is the crypto market vulnerable to the shenanigans of state powers and cybercriminals?
The FTX saga is a brutal reminder of the risks inherent in this universe, but it is also a reflection of a complex geopolitics where crypto is becoming a major issue. Meanwhile, BlackRock and JPMorgan are diving into the sector.
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