The hacker behind the bankrupt
At the time of the FTX hack, there were two parties involved, one black hat that managed to drain $447 million and a white hat that managed to move $186 million of FTX assets to cold storage. However, when Bahaman Securities and Exchange Commission released a notice suggesting they are trying to move assets from the FTX, it raised many eyebrows, with many claiming that the securities regulator was, in fact, the black hat behind the exploit.
Did you see this? Bahamian SEC claims to have (tried to?) “transfer all digital assets” to a digital wallet that they, not FTX, controls. If FTX is the white hat, then isn’t the Bahamian govt the black hat?https://t.co/ddbEmx2nyq
— zkSTONKs (@zkSTONKs) November 20, 2022
On-chain analyst ZachXBT highlighted the token transfer pattern of the black hat wallet and said that the wallet was dumping tokens and bridging sporadically was a very different behavior from the other addresses that withdrew from FTX and instead sent to a multisig on chains like Ethereum or Tron.
Looking at the movement of funds and the techniques involved in the transfer of these funds, t’s unlikely that FTX wallet drainer 1 is under the control of the Bahamian government based on today’s on-chain activity. The BTC activity is consistent with a peel chain, a form of money laundering that would be highly unusual for a government agency to be involved in.
