Bitcoin Forum

Recently the hacker address that stole FTX is now selling off in exchange for renBTC. He might possibly bridge it to real BTC then mixed to clear all his track. I don’t see any price impact down or up on Bitcoin right now since the buy is happening on Ren blockchain.

What do you guys think? Will the hacker will hold or sold? What will be the implications for hacker putting all the eyes now on Bitcoin by bringing the dirty money?

This is the hacker ETH address: https://etherscan.io/address/0x866eeecd1f248d1a0a2e0263f13594a6b8b7c01a#tokentxns

It is not a hack the Bahamian government are seizing their assets.

source: https://www.msn.com/en-ca/money/topstories/bahamas-regulator-confirms-ftx-asset-seizure-after-hack-accusation/ar-AA14hg7p

Thanks for the correction mate. I’m just skeptical because they are converting the confiscated Ethereum into renBTC if they are just seizing all FTX asset. Why do they need to that while they are already holding the control to the funds.

They should just convert it to fiat if they want to liquidate it immediately instead of converting the Eth to different tokens for whatever purposes. If this is really Bahamas government doing, I’m really confused on what they are trying to do here.

Yes I think a lot of us are confused by this. I assume since they have confirmed that it is not a hack and they are seizing the assets a explanation will be given on why they converted it to ETH 1st some people are discussing it in another topic but it is all speculation. It does not make sense but I am not from Bahamas so it might be for a reason that only people from the country would know. I doubt it is anything skeptical because the world is watching this happen and they have already claimed to be seizing the assets.

I thought that the seized assets will either stay as they were, either will be sold for fiat. But selling for Bitcoin...? looks a bit suspicious to me.
...Not that I'd mind to see a government have more trust in bitcoin than fiat. :D

From what I understand. 1/3 of the assets were stolen the rest went to the government.

This is pretty accurate considering the government would dump low illiquid tokens with huge slippage and why would DAI be bought instead of just leaving the assets as is.

There is 200MM left to be dumped so be on alert because if it’s dumped during a weekend we will go below $1000 ETH for sure.

I think most people believe this wasn’t a hacker but a backdoor setup for Sam to grab his golden parachute as he jumps out of the plane. I’m not surprised the “hacker” would rather sit on BTC than ETH. Hopefully this dumping means that the end of this FTX saga won’t be too far away, at least for markets. Users likely have a multi-year fight ahead of them to try and recover anything they thought they owned.

Probably explains why ETH looked a bit sickly today despite Bitcoin more or less trading in the same range. Think people are already hedging on this outcome, regardless of who really is behind that bag.

Definitely nice to think a state makes these calculations but the choice to not just sit on it suggests someone knowing what they are doing (or calculating a gamble).

It's a very strange coincidence. How is it possible that 1/3 was stolen and the rest went to the government? So the theft of funds happened at the same time as the hacker attack? I thought people stopped believing in hacking a long time ago. And one more point - why is the government exchanging these assets? I thought they had no right to exchange cryptocurrency.

This doesn't seem like the hacker's address, because the BTC in the wallet is only a small amount. Meanwhile, FTX is also not an official token of the FTX exchange. I don't think FTX Bahamas is a coin from FTX, so it doesn't affect the price reduction of FTX or FTT. The official token of the FTX exchange is FTT.

There are two of them that has FTX's fund, the hacker and the Bahamas government and what OP told is speculated being done by the hacker.

As for these hackers, I think that he won't sell as soon as possible. Even if he successfully mixed and laundered the money, he'll wait until the noise isn't too loud anymore. But he can't be sure if the trackers of the stolen funds will ever stop monitoring him. For sure, there have been people working to track that already closely.

I expect that there will be those no coiners telling, "there you go, bitcoin is money from hacked funds and it's from the dark net/market".  :P

I have a feeling that this saga will be just forgotten, there are a lot of personalities, names of famous people popping up as somewhat either a investor or directly to connected to the project itself. And SBF himself is very influential with his family background so I doubt that this will just end like that, on the contrary it will drag for years and I would say that it can have some effect on the market.

As for the "hack", it was admitted that the Government of the Bahamas has involved themselves and somewhat forced SBF to hand them the remaining funds.

So for me this is not a hack per se.

Initially my first thought. I thought those seized funds will remain in the form that they were seized, and afterwards be sold to an auction after everything is clear and the sale has a green light. Not sure why they need to convert into something else when the crypto they seized is already usable and valuable as it is. Also, the price movement patterns of ETH and BTC isn't really that different from one another so I don't know what the intention on converting these coins in the first place.

It’s definitely the hackers address. It’s strange why he would go on the Bitcoin chain however. My guess is to mix it somehow and perhaps trade it for monero however you can only do that with an exchange, I don’t believe there are many monero and Bitcoin cross chains.

There is also speculation that next Sunday he will do the same. Dump 200M in an illiquid day while at the same time he opens a big short on some exchange to profit off the panic.

Isn't renBTC a centralized shittoken on ethereum platform? In other words it is not even bitcoin and it may never be converted to bitcoin. They may even seize it there or funnier would be if they exchange rate of this shittoken dropped to something like 1BTC:1000renBTC ratio :)

Lol.  Whoever is in control of those coins is def laundering them.  Why convert to BTC?  That's because BTC is easier to launder than ETH after the Tornado Cash debacle.  We can't even be sure anymore if the news about the coins held by the Bahamian government and the coins held by the hacker are the same thing.  It could all be smoke and mirrors at this point as there are some groups out there who want to steal it for themselves.

What they could do is convert to renBTC, then to real BTC, deposit to lower tier exchanges and convert to XMR.  From there it could go anywhere.

Yep, this makes most sense for now. With the small note that they can easily stay on Bitcoin and mix the coins, so they don't risk another exchange; or maybe go to XMR after mixing.

Very simple answer.

ETH can be blacklisted for example by US. BTC cant . So they going through wrapped BTC to simply wash this eth in to decentralized btc via Renbridge.

Hope that helped.

So it looks like they sent 15000 ETH each to 12 different addresses. Most likely they will dump those. However they can’t on ren anymore because they stopped the minting process. So they will need to find another cross chain way.

Whenever these coins move there is volatility in the markets. Creating a lot of fear. Like I said before. Most likely they are taking trades on these movements and that’s how they plan on profiting. Not cashing out which is risky.

Yeah it's ERC-20 token pledged to 1BTC and mostly used for bridging the cross blockchain transfers which is why many hackers used it and as per reports million of dollars have been launder through the Ren bridge which is the case here.

https://i.postimg.cc/P5q5vYKS/Fi-ARFJ-ag-AA86-JC.jpg (https://postimages.org/)

This is the address of the hacker who has used it and converted ETH into this another shitcoin on ETH blockchain


But these all are user funds over FTX exchange and the actual loss if for people not the exchange so just another warning for all why not your keys not your coins is perfect in these cases.

This is an unsual way of hacking. Normally hackers will just sell right after they got the coins but the one we have here looks like they want to manipulate some shitcoins first and took extra profit out it before they finally finish the act. It's not only fear they are creating but they also want to make people greedy but people must be wiser this time to not support this act. Not only it is risky but the funds that are involved here are from those who invest on FTX.

I don't think what happens there is just a normal hack but SBF must be involved with it. There's even a news last time where bahamas govt ordered SBF to hack FTX and transfer the funds to them.

You could use a mixer but I don't think lower tier exchanges won't bother doing all the work in linking the ETH wallet holding renBTC to the BTC wallet where the conversion went.  I'm talking about the really low tier exchanges here that have XMR listed like Trade Ogre.  Rofl.  And does Yobit still exist?  :D  That was a fun one.

My understanding is that the hacker is using Bitcoin and ChipMixer the launder his stolen funds. This sort of thing is terrible for the Bitcoin community as it will only shine negative light on the infrastructure and lead to industry damaging regulation as a result to try and put a stop to these bad actors. It’s like FTX existed only to fuck over customers and lead to damaging regulation while funding the democrats with stolen funds. You paying attention yet?

I'm not quite sure why you say ChipMixer was used in this story. Although it is specifically designed for this kind of action and it's probably not the worst thing that has been done with this mixer. But the mixer has been around for a long time now and has not yet had any negative impact. I don't have a negative attitude towards such things, after all it is not only cryptocurrencies that are used to do bad acts.

Are these chip mixers actually completely untraceable? I read a report somewhere that if a large enough player goes thru a mixer then people will perform an analysis and be able to link the bitcoins completely after the mix. No idea if this is true or not.

Seems the only sure way is by using monero, however there is no bridge between monero and ETH or BTC right now. So only way is going thru an exchange which is very risky. Only way would be to use non KYC exchanges but it would take forever with a large amount such as this.

Due to the FTX token hack, the market started dumping in a way beyond imagination.  Not only Bitcoin and Ethereum are being dumped but all cryptocurrency coins are being dumped.  Because FTX holders they only trade in Bitcoin and Ethereum and BNB unique coins.  Because of this, all coins and cryptocurrency markets including Bitcoin and Ethereum are on the way to dumping.

Actually dumping was happening before the FTX hacks happened, but not as bad as it is now or after the FTX hacks happened. Because when problems with the FTX exchange were exposed to the public through various media, the market conditions immediately changed for the worse with continuous dumping.

So this actually started with normal dumping and was continued with the FTX exchange problem so that the dumping size became much bigger than before. Because when Bitcoin starts dumping, others will also experience the same thing.

One member of the forum published such research (https://bitcointalk.org/index.php?topic=5117328.0) in which he managed to break the privacy between incoming and outgoing transactions (mixed coins). The only mixer that he did not manage to break at that moment was CM, although he admits that he did not spend too much time in that direction.

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For the reason that he thinks that this specific mixer is to blame for everything, even though there are other mixers and various other ways through which any slightly more intelligent criminal can launder the money. Say that someone used a specific service without presenting any evidence is not something serious forum members should do.

Yes, if a large amount of Bitcon is mixed professional blockchain analysis maybe able to link the transaction together and this is why some reputable crypto mixing site set their max BTC. However, to provide total privacy it is better to use 2-3 reputable privacy service.

There's some no KYC and privacy support exchange that works with Monero. Besides, I once use Crypton Exchange to change BTC for Monero before using the local monero through the use of their Idyll browser which is an advanced Tor browser.


There is a lot of misinformation going on about the FTX issue even CZ was make a Tweet about some crypto currency news sites that are spreading false information. The msn news here (https://bitcointalk.org/index.php?topic=5422356.msg61322005#msg61322005) stated that it was not hacked.

Yup there was a decrease already on the market value of cryptos right before the issue which happened recently but on the other hand, it made the dump worse for sure because many people panicked that their assets would be gone
 Stories were heard that some were liquidated in an instant 'coz their assets are in the position and what happened is not something expected by many people. Dumping is just a normal thing in this industry as part of market volatility but what happened with FTX has something to do with exchanger's negligence on securing networks.

Hackers will indeed make chaos, the hack wallet case is indeed a sad and dangerous thing, especially now that more and more evil programs are scattered on the internet which of course aims to steal assets, always be vigilant and make sure we follow security guidelines so that they are not hit by hack.

It is natural that anyone will sell Altcoins to buy Bitcoin, they are worried that if Altcoins drops significantly, the assets they stole will be lost, and the best and safe way is to sell all assets and then move to Bitcoin so that their assets are safer or even rising.