Web 3.0 Blockchain Market and FTX Hack
As the trial of FTX founder Sam Bankman-Fried gets underway, anonymous hackers of the now-defunct exchange FTX have been seen moving large amounts of assets stolen from the platform. According to blockchain analytics firm Elliptic, 72,500 Ether (ETH) of the stolen assets have been converted into Bitcoin (BTC) through the multichain decentralized exchange THORSwap since Sept. 30, 2023, worth an estimated $120 million.
The hacker then sent the BTC to the sanctioned cryptocurrency mixer Sinbad, formerly known as Blender. This occurred just a few days before Bankman-Fried’s trial started on Oct. 3, and the converted amount was worth $87 million, which is 18% of the total stolen funds of $477 million.
Web 3.0 blockchain market has been gaining more traction as the world moves towards decentralization. This incident serves as a reminder of the importance of security and the need for job seekers to understand how to get a job in Web 3.0.
The FTX Hacker and Web 3.0 Blockchain
The FTX hacker utilized a laundering technique similar to the one deployed in November 2022, when the hacker moved 65,000 ETH ($100 million) to BTC utilizing the cross-chain bridge RenBridge.THORSwap, which enabled the hacker to complete the most recent known ETH-BTC conversion, halted swaps on Oct. 6, with the goal of finding a lasting solution to stop illicit transactions on its platform.
“The 180,000 ETH that was not converted to Bitcoin through RenBridge stayed dormant until the early hours of Sep. 30, 2023 — by which time it was worth $300 million,” Elliptic wrote in the new report.
Elliptic noted that the FTX hacker lost $94 million in the days following the hack as the attacker rushed to launder the funds through decentralized exchanges, cross-chain bridges, and mixers.
Almost a year after the hack, the identity of the FTX thief is still a mystery, Elliptic noted. The blockchain analytics firm proposed three possibilities for who could be behind the FTX theft: an FTX inside job, North Korea’s Lazarus Group, and Russia-linked criminal groups.
As Web 3.0 blockchain market continues to grow, it is important to understand the implications of such incidents and how to get a job in Web 3.0. While the Mercruiser 3.0 Weber conversion is still an ongoing process, it is clear that Web 3.0 and crypto have started to revolutionize the way we view the world and that blockchain Web 3.0 and decentralized Web 3.0 are here to stay.
According to Elliptic’s report, some FTX employees may have had the capability to move the company’s crypto assets for operational purposes. In the midst of the chaos caused by the bankruptcy and collapse of the company, it is possible that an internal actor took these assets.
The advent of web 3.0 blockchain market has revolutionized the way businesses operate. It has opened up new opportunities for those who want to get a job in web 3.0, and has made it possible for web 3.0 and crypto to be decentralized. Web 3.0 and blockchain are becoming increasingly popular, and it is essential for businesses to understand how to use these technologies.
Mercruiser 3.0 weber conversion is a process that allows businesses to convert their existing systems to web 3.0 blockchain technology. This process is becoming more popular as web 3.0 and blockchain are becoming more widely used. It is important for businesses to understand the implications of web 3.0 and blockchain, and to be aware of the potential for hackers to exploit these technologies.
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