Connect with us
Active Currencies 14317
Market Cap $2,552,875,308,298.30
Bitcoin Share 51.62%
24h Market Cap Change $2.93

New data shows Russian entities could be behind FTX hack

2min Read

Elliptic, a blockchain surveillance expert, reveals a potential Russian connection to the FTX exchange hack.

FTX Hack

Share this article

  • Certain factors suggested a sophisticated operation with a possible international reach.
  • The report found that “significant amounts are combined with funds from Russia-linked criminal groups.”

Elliptic, the blockchain surveillance firm, has raised the possibility of a connection between the FTX hacker and a Russian-linked entity. On 4 October, about $15 million worth of the stolen cryptocurrency was transferred. This was when FTX founder Sam Bankman-Fried was reportedly in court without internet access.

Elliptic released a detailed timeline of on-chain activities related to the stolen funds, revealing that a significant portion of the proceeds was converted to Bitcoin [BTC] and routed through ChipMixer, an unlicensed Bitcoin privacy mixer closed by the US Justice Department earlier in the year.

Intriguing clues uncovered in investigation

Elliptic’s report suggested that a huge portion of the stolen assets that can be traced through ChipMixer was mixed with funds from Russia-linked criminal groups. The funds were then sent to decentralized exchanges.

Some of the groups include ransomware gangs and darknet markets. This implies the participation of a broker or intermediary with ties to Russia.

The FTX exchange lost 9,500 Ethereum [ETH] and other crypto assets worth approximately $477 million during the hack in November the previous year. The hacker transferred the stolen assets from one of FTX’s wallets to a new address, which included Pax Gold [PAXG], Tether [USDT], Wrapped Bitcoin [WBTC], and more.

This revelation about the potential Russian connection could significantly impact the investigation and recovery efforts. Security experts and law enforcement agencies are likely to intensify their focus on any links with Russian entities.

The timing of the crypto movements, combined with the involvement of ChipMixer and the co-mingling of funds with Russia-linked criminal groups, suggests a sophisticated operation with a possible international reach.

FTX court proceedings continue

In the ongoing court proceedings involving former Alameda CEO Caroline Ellison and FTX, shocking revelations have emerged. Ellison delved deeper into the web of deception orchestrated by Sam Bankman-Fried to sustain FTX.

In the first day of hearing, it was disclosed that FTX customer funds were used to purchase Binance’s stake. This was due to concerns that Binance might pose a threat.

The second day’s testimony revealed grim details, including accounting fraud and Chinese bribes to recover frozen funds. An involvement with Saudi Crown Prince Mohammed bin Salman was also hinted.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.