FTX ‘Hack’ Likely an Inside Job as $505 Million Frozen in Three Wallets
“A hacker who drained $US400 million from customer wallets linked to bankrupt crypto exchange FTX is likely a company insider who used a mixture of different exchanges to consolidate the crypto tokens into three wallets now being watched closely.
According to crypto analysis service Arkham Intelligence, around $US339 million ($505 million) remains in wallets associated with one of the people involved in the ‘hack’, who tried to wash the tokens through as many exchanges as quickly as they could.
After tracing the person’s transactions, Arkham found they ‘appeared to be in a panic’ and ‘lost a large amount of their token holdings’ to ‘slippage.’
Slippage refers to the money lost when the market price does not meet the intended price when doing a transaction.
On Saturday, Sam Bankman-Fried’s bankrupt crypto exchange FTX experienced suspicious outflows exceeding $US600 million.
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