{"id":364310,"date":"2023-10-12T18:10:56","date_gmt":"2023-10-12T17:10:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=364310"},"modified":"2023-10-15T23:18:21","modified_gmt":"2023-10-15T22:18:21","slug":"multimillion-ftx-hack-linked-to-russian-hackers-elliptic","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/multimillion-ftx-hack-linked-to-russian-hackers-elliptic\/","title":{"rendered":"Multimillion FTX hack linked to Russian hackers: Elliptic"},"content":{"rendered":"<p class=\"s3\">Blockchain intelligence company Elliptic has linked FTX's $400 million hack to Russian hackers, citing the unsophisticated method of laundering employed by the attacker.<\/p>\n<p class=\"s3\">Per Elliptic's report, the attacker was converting the stolen funds to Bitcoin\u00a0using Renbridge, a service owned by the bankrupt exchange sister company, Alameda Research. Consequently, the attacker used ChipMixer and other crypto-mixing services to cover their tracks.<\/p>\n<p class=\"s3\">This laundering method is &#8220;distinct and unsophisticated compared to those typically used by North Korea-backed Lazarus Group,&#8221; Elliptic <a href=\"https:\/\/www.elliptic.co\/blog\/the-477-million-ftx-hack-following-the-blockchain-trail\">said<\/a>.<\/p>\n<blockquote>\n<p class=\"s3\"><span class=\"s5\">&#8220;A Russia-linked actor seems a stronger possibility. Of the stolen assets that can be traced through ChipMixer, significant amounts are combined with funds from Russia-linked criminal groups, including ransomware gangs and darknet markets, before being sent to exchanges.\u201d<\/span><\/p>\n<\/blockquote>\n<p class=\"s3\">FTX suffered a $415 million crypto hack in November last year after the company filed for bankruptcy. The attacker recently <a href=\"https:\/\/cryptoslate.com\/ftx-hacker-moves-38m-in-eth-just-days-before-sbf-trial-start\/\">moved<\/a> part of the stolen funds amid Sam Bankman-Fried's ongoing <a href=\"https:\/\/cryptoslate.com\/sbf-trial-caroline-ellisons-second-day-of-testimony-included-thai-sex-workers-bribery-and-private-messages-with-sbf\/\">trial<\/a> in New York.<\/p>\n<h2 class=\"s3\"><span class=\"s2\">The hack may also be an insider job.<\/span><\/h2>\n<p class=\"s3\">Elliptic further noted that an insider might have carried out or assisted in the exploit.<\/p>\n<p>According to the firm, some FTX employees might have capitalized on the chaos surrounding the company's bankruptcy to move some of the company's crypto assets.<\/p>\n<p>Elliptic furthered that another suspect might be the disgraced founder of the exchange, SBF. However, the firm noted that SBF's limited access to the internet would hamper any laundering efforts, citing one instance where the attacker moved funds while he was in court.<\/p>\n<p>The report also highlighted that the exchange's weak security structure could have made it an easy target for external actors. The exchange's new CEO, John Ray III, <a href=\"https:\/\/cryptoslate.com\/new-ftx-ceo-john-rays-statement-on-bankruptcy-case-tells-tale-of-an-unmitigated-disaster\/\">revealed<\/a> that the company's crypto assets' private keys were not securely stored, and a former Alameda employee also <a href=\"https:\/\/cryptoslate.com\/how-alameda-research-lost-nearly-200m-to-security-breaches\/\">reported<\/a> how the company lost millions to leaked private keys.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain intelligence company Elliptic has linked FTX&#8217;s $400 million hack to Russian hackers, citing the unsophisticated method of laundering employed by the attacker. Per Elliptic&#8217;s report, the attacker was converting the stolen funds to Bitcoin\u00a0using Renbridge, a service owned by the bankrupt exchange sister company, Alameda Research. Consequently, the attacker used ChipMixer and other crypto-mixing [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":364314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16041],"tags":[76833,78971,77611],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Multimillion FTX hack linked to Russian hackers: Elliptic<\/title>\n<meta name=\"description\" content=\"Bankrupt FTX&#039;s $400 million hack has been linked to Russian hackers by blockchain intelligence firm, Elliptic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/multimillion-ftx-hack-linked-to-russian-hackers-elliptic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multimillion FTX hack linked to Russian hackers: Elliptic\" \/>\n<meta property=\"og:description\" content=\"Bankrupt FTX&#039;s $400 million hack has been linked to Russian hackers by blockchain intelligence firm, Elliptic.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/multimillion-ftx-hack-linked-to-russian-hackers-elliptic\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T17:10:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-15T22:18:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/10\/ftx-hack-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/multimillion-ftx-hack-linked-to-russian-hackers-elliptic\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/multimillion-ftx-hack-linked-to-russian-hackers-elliptic\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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