FTX Collapse: The Newest Twist

And we have a new twist, ladies and gentlemen.

While Sam Bankman-Fried appears to be on the run, with him being last spotted at a luxury resort in The Bahamas, the companies are tracking the funds drained as a result of the recent crypto heist.

On Nov.12, the culprit reportedly stole $663 million worth of cryptocurrency just hours after FX had filed for bankruptcy. w

According to the blockchain platform Chainalysis, the stolen funds are still on the move. Tweeting a thread, the company wrote, “Funds stolen from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to cash out.”

It added that rumors that these funds had been sent to The Bahamas are incorrect.

Funds were bridged from ETH to BTC, likely to be mixed prior to a cash out attempt. You can see this morning’s movements in Reactor

– the company affirmed in another tweet.

Around 31,000 ETH had been converted into wrapped BTC press-time, with the culprit sending coins cross-chain to a Bitcoin mainnet wallet using the Ren Protocol.

With all the things factored in, the FTX’s future does not look bright. While Sam Bankman Fried allegedly remains under supervision in the Bahamas, it is unclear as to what will happen to user funds and whether they will ever get them back. 

Meanwhile, the crypto market is still suffering from the ramifications of the FTX’s collapse. 

Bitcoin is trading at $16,579 at the time of writing while ETH is hovering at $1,176. 

Previously, The Coinomist reported that Elon Musk believes that BTC will make it without specifying, however, what exactly he means by that.