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Crypto Experts Dispel The Three Most Common Myths Regarding The Ftx Breach

November 21, 2022

Rumors About FTX

ZachXBT, a blockchain detective, has found evidence that disproves recent rumors about who the FTX hacker is and what they might be doing with meme coins.
ZachXBT, an on-chain sleuth, has shared his findings on the three most common misconceptions about the FTX hack, taking to Twitter to correct a “ton of misinformation” about the event and the possible perpetrators.

Suspicious About Transactions

On November 11, the day FTX filed for bankruptcy, the crypto community started flagging suspicious transactions on FTX-related wallets, and more than $650 million was moved away.
Even though no one has been officially blamed, some people think that the Securities Commission of the Bahamas (SCB) said on November 17 that it had ordered all FTX digital assets to be moved to a digital wallet it owned, was behind the “hack.”
The fact that “0x59” was “dropping tokens and bridging intermittently” was “quite unusual behavior from the other addresses who withdrew from FTX and instead transmitted to a multisig on chains like Eth and Tron,” he said.
Another wallet, 0x24, with which the blackhat wallet communicated, “had suspect behaviour on-chain and was heavily utilizing dodgy services,” according to Zach.
This behaviour completely contradicts what was stated about the Debtors transferring assets to cold storage and the Bahamian government transferring assets to Fireblocks.
ZachXBT said the last evidence was the wallet address that traded Ether ETH for renBTC and then used RenBridge. This shows that the money was sent to “a mixer at some point in the future.”
ZachXBT said the last evidence was the wallet address that traded Ether ETH for renBTC and then used RenBridge. This shows that the money was sent to “a mixer at some point in the future.”
In a post on November 20, Chainalysis, a blockchain analytics company, came to the same conclusion.
Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators.

Recent Fund Transfers

FTX has also commented on the recent fund transfers, warning exchanges that “some funds transferred from FTX Global and linked debtors without authorization on 11/11/22 are being transferred to them via intermediate wallets.”

ZachXBT also noted the possibility of erroneous information surrounding the allegation that ZackXBT uncovered the hacker’s identity via “Kraken or other exchanges.”

Since November 12, when Kraken’s chief security officer wrote, “We know who the user is,” the myth has been going around.

Zach states, “In actuality,” the individual described as the hacker was most likely the FTX group securing funds to a multi-signature wallet on Tron, utilizing Kraken because the FTX hot wallet ran out of gas.”

The withdrawals to these multisigs also matched what Ryne Miller (FTX GC) had said at the time. This took place hours after the initial 0x59 withdrawals

Instead, the blockchain detective says that the transactions were “spoofed” on the Ethereum network, citing a March blog post by Harith Kamarul, an Etherscan community member, that explains how transactions can be faked.

Disclaimer

As a final point, ZachXBT attacked the rumor that the FTX hacker is trading meme coins, which was initially reported by the blockchain analytics company CertiK.
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