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FTX Loses Bitcoin Worth $10 Million in BTC Theft: Details

FTX faces ongoing challenges, now dealing with a $10 million BTC theft, blockchain sleuth PeckShield spotted the incident.

ShahZaib Ahmed



ftx's FTT token is reviving

Defunct FTX has been in the news for a couple of months for different concerns. Recently, FTX again became the victim of a BTC theft and lost approximately 288.8 Bitcoins (BTC) worth approximately $10 million.

 PeckShield, the blockchain sleuth has recently tweeted about the BTC theft over FTX collapsed cryptocurrency exchange. This is another transaction made by the hacker who transferred a huge amount which was spotted by the blockchain detective firm PeckShield. FTX is still struggling to cope with such attacks along with the judicial cases.

FTX’s Loss in Total?

FTX cryptocurrency exchange collapsed in November 2022 and since then has been the victim of controversies. After being collapsed, FTX got hacked and hackers rolled out approximately $500 million. After that, another hacker bluffed the FTX network stole 180,000 ETHs, and withdrew all Ethereum coins to 12 different wallet addresses. These Ethereum (ETH) coins are roughly worth $200,000,000 in the fiat currency.

Also Read: 25 LastPass Users Lose Over $4M in Recent 80 Wallet Hack

After that, the hacker became the giant Ethereum (ETH) holder, the second most popular cryptocurrency. In November, the hacker moved 50,000 ETH to another wallet and changed it into Ren Bitcoin (RenBTC), which is Bitcoin but on the ETH (Ethereum) network.

Stolen ETH Swapped This Year

Media disclosed that the FTX exploiter swapped approximately 75,636 Ethereum coins into tBTC through a DeFi platform named ThorSwap. Amid such a hack, exchange exhibited the sudden repose by shutting down its operation. The exchange went into maintenance mode which prohibited the hacker from liquefying the further ETH outflow.

The hacker moved the stolen ETH to another network called Threshold Network and converted it into Bitcoin. At that point, the hacker had about 110,000 ETH worth approximately $180 million. When ThorSwap was suspended, Bitcoin supporter Max Keiser used it as an opportunity to criticize DeFi, calling it ‘highly centralized’ compared to BTC.

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