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Update: The US Department of Justice has now confirmed that FTX was the victim of a SIM swapping attack that resulted in the theft of $400 million in crypto assets.
On November 11, 2022, $477 million was stolen from the crypto asset exchange FTX, just as it collapsed into bankruptcy. Elliptic tracks these stolen assets as they have been laundered over the years. A report by Brian Krebs now suggests that three people have been charged in connection with this robbery.
Last week, three people were appointed to the indictmentalleged to be members of a SIM-swapping ring involved in facilitating the theft of “over $400 million” in virtual currency from businesses on November 11 and 12, 2022:
In the case of the FTX hack, the attacker began transferring cryptoassets from the FTX wallet starting on the evening of November 11, 2022 local time and continuing until November 12.
Elliptic’s analysis estimates the value of the cryptoassets stolen from FTX at $477 million, and we are not aware of any other thefts from crypto-businesses of this scale, on these dates. ITherefore, it seems likely that FTX is the “Victim Company-1” named in the indictment.
It was elliptical accompanying funds stolen from FTX in the years since the November 2022 hack, tracking them through mixers, cross-bridges, decentralized exchanges and other services.
Just last week, tens of millions of dollars worth of cryptoassets stolen from FTX started moving again, after being dormant for several months.
It is not clear whether the three accused persons were allegedly involved in the theft of crypto-assets and their subsequent laundering, or only in providing initial access to the victim’s company’s online accounts. It is therefore unclear whether any of the stolen funds are under their control and could be recovered.
