The account linked to the withdrawal from FTX on November 12 for a total of more than $400 million began exchanging assets for Ethereum (ETH), PeckShield noted.
#PeckShieldAlert FTX Accounts Drainer has received ~21,155 $ETH from FTX Accounts Drainer 2/FTX Accounts Drainer 5/FTX Accounts Drainer 6 pic.twitter.com/ehzAzsVn6O
— PeckShieldAlert (@PeckShieldAlert) November 15, 2022
Initially, 21,155 ETH ($27 million) came in from three other addresses also involved in the exchange’s crypto outflow.
The account, named FTX Accounts Drainer with the label Heist [robbery], subsequently approved the stablecoin DAI for operations on GPv2VaultRelayer from CoW Protocol.
#PeckShieldAlert ～48.27M $DAI currently sit in FTX Accounts Drainer’s address pic.twitter.com/A2Ps7oPKSh
— PeckShieldAlert (@PeckShieldAlert) November 15, 2022
After this, a series of swaps totaling about $48.3 million:
- 3 million DAI for 2,358.29 ETH;
- 5 million DAI for 3,907.29 ETH;
- 10 million DAI for 7,783.33 ETH;
- 10 million DAI for 7,773.82 ETH;
- 10 million DAI for 7,785.43 ETH;
- 10.27 million DAI for 7,959.04 ETH.
Subsequently, the account swapped 7,420 BNB for 1,500 ETH (~$1.9 million) in the BNB Chain ecosystem and bridged the funds to Ethereum via a cross-chain bridge.
#PeckShieldAlert FTX Accounts Drainer has swapped 7,420 $BNB ($2,068,614.03) on BSC to 1,500 $ETH ($1,903,050.00) and has bridged these $ETH to Ethereum pic.twitter.com/v8K1DijGBG
— PeckShieldAlert (@PeckShieldAlert) November 15, 2022
Further swaps followed in the BNB Chain ecosystem:
- 1 million DAI (~$1 million) for 611.15 ETH;
- 10,000 BNB ($2.79 million) for 1,979.5 ETH ($2.50 million);
- 3,500 BNB ($978,281) for 962,071.43 BUSD ($962,071);
- 3,500 BNB ($978,281.29) for 958,560.13 BUSD ($958,560);
- 15,000 BNB (~$4.2 million) for 3,899,020.38 BUSD (~$3.9 million).
The final amount was sent to Ethereum via Celer Network’s cBridge and Stargate Finance and swapped for 5,564.83 ETH. And around 4 DAI were also bridged to the Ethereum network.
#PeckShieldAlert ～3.9M swapped $BSC-USD has bridged to Ethereum via Celer Network: cBridge and Stargate Finance pic.twitter.com/39gY2GDNCK
— PeckShieldAlert (@PeckShieldAlert) November 15, 2022
The parent company FTX, Alameda Research, and about 130 affiliated entities filed for bankruptcy on November 11.
Bloomberg has cast doubt on the possibility that investors and clients of one of the largest crypto exchanges will recover their losses. The approximate ‘hole’ in the platform’s balance sheet stands at no less than $8 billion.
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