Whoever was responsible for the $600 million FTX cryptocurrency exchange hack started trading ether for Ren Bitcoin, a token that stands in for bitcoin on other blockchains, early Sunday.
Over the past week, FTX funds were gradually converted to ether, making the exploiter one of the token’s largest holders, as CoinDesk reported.
Some in the crypto community might be surprised by the use of renBTC.
The trading arm owned by Sam Bankman-Fried and at the center of a multibillion-dollar fraud, Alameda Research said in 2021 that Ren’s development team was “joining” Alameda and would focus on extending Ren’s usage to several blockchains.
Blockchain data reveals that the hacker transferred over 5,000 ether to a new wallet. Then, 3 separate transactions totaling 35,000 more ether were made to that wallet.
The exploiter afterward started converting ether to renBTC via the decentralized exchange aggregator 1inch, according to an on-chain examination of the new wallet.
In the first of these exchanges, 4,000 ether was first changed into wrapped bitcoin, another currency that serves as a representation of bitcoin, and then into renBTC.
According to information supplied by the security company PeckShield, the exploiter sent thousands of renBTC out via the Ren bridge. Bridges are technologies built on the blockchain that let users trade tokens between other networks.
The Ren bridge has reportedly been used to launder stolen money to the tune of at least $540 million, according to a study by blockchain analysis company Elliptic, as it may give users privacy.