On-chain sleuth ZachXBT has shared his findings on what he sees because the three most typical misconceptions in regards to the FTX hack — taking to Twitter to appropriate a “ton of misinformation” in regards to the occasion and the potential culprits.
In a prolonged Nov. 20 publish on Twitter, the self-proclaimed “on-chain sleuth” debunked hypothesis that Bahamian officers have been behind the FTX hack, that exchanges knew the hacker’s true identification, and that the perpetrator is buying and selling memecoins.
1/ I’ve seen a ton of misinformation being unfold on Twitter and within the information in regards to the FTX occasion so let me debunk the three most typical issues I’ve seen
“Bahamian officers are behind the FTX hack”
“Exchanges know who the hacker is”
“FTX hacker is buying and selling meme cash” pic.twitter.com/IAtHnpJI44— ZachXBT (@zachxbt) November 20, 2022
On the identical day that FTX filed for chapter on Nov. 11, the crypto neighborhood started flagging suspicious transactions on wallets related to FTX, with greater than $650 million transferred off the pockets.
Whereas there was no official perpetrator has been recognized, a Nov. 17 assertion from the Securities Fee of the Bahamas (SCB) that acknowledged it had ordered the switch of all digital property of FTX to a digital pockets owned by the fee round that point prompted some to consider the SCB was behind the supposed “hack.”
Nevertheless, ZachXBT argued that the “0x59” pockets deal with related to the hacker was a blackhat deal with and never affiliated with both the FTX group or the SCB as a result of it “started promoting tokens for ETH, DAI, and BNB and utilizing a wide range of bridges so crypto could not be frozen on 11/12.”
“The very fact 0x59 was dumping tokens and bridging sporadically was very completely different conduct from the opposite addresses who withdrew from FTX and as a substitute despatched to a multisig on chains like Eth or Tron,” he added.
Zach additionally notes that the blackhat pockets additionally had contact with one other pockets, 0x24, which he suggests “has very [suspicious] conduct on-chain utilizing sketchy providers.”
“This conduct fully differs what was mentioned in regards to the Debtors transferring property to chilly storage or Bahamian authorities transferring property to Fireblocks.”
ZachXBT says his ultimate clue was the pockets deal with promoting Ether (ETH) for renBTC and then utilizing RenBridge, which he says will almost definitely finish with the funds being despatched to “a mixer in some unspecified time in the future sooner or later.”
Blockchain analytics agency Chainalysis got here to an analogous conclusion in a Nov. 20 publish, noting that:
“Stories that the funds stolen from FTX have been truly despatched to the Securities Fee of The Bahamas are incorrect. Some funds have been stolen, and different funds have been despatched to the regulators.”
FTX has additionally commented on the current fund actions, posting a warning to exchanges “that sure funds transferred from FTX World and associated debtors with out authorization on 11/11/22 are being transferred to them by way of intermediate wallets.”
(2/2) Exchanges ought to take all measures to safe these funds to be returned to the chapter property.
— FTX (@FTX_Official) November 20, 2022
ZachXBT additionally highlighted the potential misinformation surrounding the declare the hacker’s identification had been found by “Kraken or different exchanges.”
The rumor had been circulating since Kraken’s chief safety officer claimed in a Nov.12 publish that“We all know the identification of the person.”
Zach says “In actuality” the person recognized because the hacker was possible simply the FTX group securing property to a multi-signature pockets on Tron, utilizing Kraken because of the FTX sizzling pockets being out of gasoline for transactions., stating:
“The withdrawals to those multisigs additionally matched what Ryne Miller (FTX GC) had mentioned on the time. This occurred hours after the preliminary 0x59 withdrawals.”
Associated: FTX funds on the transfer as thief converts hundreds of ETH into Bitcoin
As his final level, ZachXBT took intention on the rumor that the FTX hacker is buying and selling memecoins, which was first famous by blockchain analytics agency CertiK.
As a substitute, the blockchain detective claims the transfers have been “spoofed” on the Ethereum community, citing a March weblog by Etherscan neighborhood member, Harith Kamarul explaining how transactions will be faked.
