Blockchain intelligence company Elliptic has linked the $400 million hack of cryptocurrency exchange FTX to Russian hackers. According to Elliptic’s report, the attacker used an unsophisticated method of laundering the stolen funds by converting them to Bitcoin using a service owned by the bankrupt exchange’s sister company. The attacker then used crypto-mixing services to cover their tracks. Elliptic suggests that a Russia-linked actor is the likely culprit, as significant amounts of the stolen assets were combined with funds from Russian criminal groups before being sent to exchanges. The report also raises the possibility of an insider job, with FTX employees potentially taking advantage of the company’s bankruptcy to move some of its crypto assets. The exchange’s weak security structure and the limited internet access of its disgraced founder are also highlighted as potential factors that made it an easy target.

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Information	Details
Geography	Europe
Countries
Sentiment	negative
Relevance Score	1
People	SBF, John Ray III, Sam Bankman-Fried
Companies	New York, John Ray III, FTX, Lazarus Group, Alameda Research, Elliptic, Renbridge, SBF, ChipMixer, None, Sam Bankman-Fried
Currencies	Bitcoin
Securities	None