Research firm Elliptic claims Russian attackers may be responsible for the hack of FTX

According to analysis firm Elliptic, about $400 million stolen from the bankrupt FTX crypto exchange last November can be traced back to Russia-based cybercriminal groups. Elliptic reported discovering a transfer of roughly 65,000 Ether (worth $100 million) heading to the Bitcoin blockchain reserves via the RenBridge service. From there, it is believed the money moved to a mixer for the purpose of address masking. Infamously, at least $4 million of these fraudulently obtained funds were transferred over to multiple exchanges, increasing the chances of cashing out.

Info regarding the culprits behind the ambush is still difficult to pinpoint; suspects range from rogue FTX employees, the digital interfere North Korean Lazarus group to Russia-based bands. In coincidence with the occurrence, former FTX CEO Sam Bankman-Fried is facing accusations involving two counts of wire fraud and an additional five counts of conspiracy to commit several types of robbery.

Robert Wilson author
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