FTX Funds Stolen and Laundered by Russian Hackers During Bankman-Fried Trial

As the stolen funds from FTX continue to be moved across blockchains in an effort to launder and cash out, cryptocurrency tracing firm Elliptic has released a report suggesting that the thieves may have ties to Russian cybercriminals. The analysis reveals that a portion of the stolen funds ended up in a pool of funds that also included cryptocurrency from Russia-linked ransomware hackers and dark web markets. The thieves have taken steps typical of large-scale crypto heists, exchanging stablecoins for other cryptocurrencies and utilizing mixing services to obscure the money's trail. The movement of funds coincides with the ongoing trial of FTX founder Sam Bankman-Fried, raising questions about potential insider involvement. Cryptocurrency tracing firms TRM Labs and Chainalysis have been hired to aid in the investigation.