Wednesday, February 8

The person who hacked bankrupt crypto platform FTX FTT/USD transferred as many as 255 Bitcoin BTC/USD to crypto exchange OKX, through ChipMixer, days after over $600 million in cryptocurrency mysteriously vanished from the wallets of the former exchange.

On-chain detective ZachXBT stated that the hacker has transferred a portion of the stolen funds into Bitcoin mixer ChipMixer and then to OKX and that 255 Bitcoin worth $4.1 million are confirmed to have been sent to the crypto exchange.

He added that each of the addresses follows a similar pattern, first, withdrawal from ChipMixer, 50% is peeled off and 50% is deposited into OKX.

Also read: The FTT Debacle: Want To Cash In? Here’s What Experts Said After Binance Selloff

FTX’s Fall From Grace

For Sam Bankman-Fried’s now-disgraced exchange firm, FTX, November was a tragic month.

Shortly after its native token FTT’s sharp decline, news of misappropriated user funds and unmanageable debt led the world’s third-largest crypto exchange to seek Chapter 11 bankruptcy protection.

Reacting to the development, Ty Blackard, co-founder of NFTY Labs, told Benzinga that it was unnerving that a behemoth like FTX/Alameda was able to work their way into the inner circle of crypto giants and gain their trust only to stab them all in the back with incompetency.

“But the key understanding here is that it requires trust. The entire crypto industry is supposed to be based on decentralized functions that remove the trust factor entirely and allow users to trade trustless. I believe that the era of trustless interactions will blossom, especially now that we’ve seen what can happen when centralized entities are in charge,” he said.

“DeFi is about to explode once again, similar to the DeFi summer days in 2020. I think regardless of the FTX fiasco, the future is bright, and we now know what not to do,” he added.

Next: EXCLUSIVE: Is Crypto Just For Speculation? More Americans Use Crypto For Purchases Than You May Think

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