Friday, June 21, 2024

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    $8 Million Ethereum Transfer Precedes Founder’s Trial – Major Crypto Shakeup

    In a stunning turn of events on the eve of founder Sam Bankman-Fried’s impending trial, an individual linked to the FTX hack has executed a substantial transfer. Approximately $8 million worth of Ethereum (ETH) has been shifted into Bitcoin (BTC), as reported by PeckShieldAlert. This sophisticated maneuver was carried out through Thorchain, a decentralized exchange renowned for facilitating cross-chain swaps, effectively enabling the conversion of ETH assets into BTC.

    This transaction is yet another chapter in the ongoing saga of Ether movements stemming from a compromised wallet, a saga that began almost a year ago. For those unfamiliar with the story, FTX experienced a devastating security breach on November 11th, resulting in unauthorized payouts of approximately $600 million. Suspicion lingered in the air, with some speculating that the attack was an inside job.

    The breach occurred mere hours after FTX had sought bankruptcy protection, and Sam Bankman-Fried, the founder, stepped down from his leadership role. In the aftermath of the hack, blockchain experts noted that the perpetrator appeared to be in a state of panic, swiftly transferring and converting tokens in a desperate bid to evade detection. However, these actions incurred substantial losses along the way.

    The abrupt decline of FTX sent shockwaves through the cryptocurrency industry, marking the rapid downfall of Bankman-Fried’s once-thriving $40 billion crypto empire. As the trial date of October 3rd approaches, Sam Bankman-Fried faces serious charges, including fraud and conspiracy. He has pleaded not guilty to all counts in the indictment. If convicted, he could potentially face a maximum prison sentence of 115 years.

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