Hackers Who Stole $400 Million From FTX Have Ties to Russian Cybercrime, Elliptic

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Cryptocurrency tracing firm Elliptic detailed the complex path that the $400 million in funds that hackers stole from the now-bankrupt FTX on November 11, 2022, have taken over the past eleven months, noting that whoever is laundering the stolen FTX funds appears to have ties to Russian cybercrime.

One $8 million tranche of the money ended up in a pool of funds that also includes cryptocurrency from Russia-linked ransomware hackers and dark web markets. That commingling of funds suggests that, whether or not the actual thieves are Russian, the money launderers who received the stolen FTX's funds are likely Russian or work with Russian cybercriminals. 

Elliptic says the FTX thieves have largely taken steps typical for the perpetrators of large-scale crypto heists as the culprits sought to secure the funds, …