{"id":513245,"date":"2022-11-21T06:00:40","date_gmt":"2022-11-21T03:00:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-sleuth-debunks-3-biggest-misconceptions-about-the-ftx-hack\/"},"modified":"2022-11-21T06:00:40","modified_gmt":"2022-11-21T03:00:40","slug":"crypto-sleuth-debunks-3-biggest-misconceptions-about-the-ftx-hack","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-sleuth-debunks-3-biggest-misconceptions-about-the-ftx-hack\/","title":{"rendered":"# Crypto sleuth debunks 3 biggest misconceptions about the FTX hack"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a240a0792068\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a240a0792068\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-sleuth-debunks-3-biggest-misconceptions-about-the-ftx-hack\/#%E2%80%9D_Crypto_sleuth_debunks_3_biggest_misconceptions_about_the_FTX_hack_%E2%80%9C\" >&#8221; Crypto sleuth debunks 3 biggest misconceptions about the FTX hack &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_sleuth_debunks_3_biggest_misconceptions_about_the_FTX_hack_%E2%80%9C\"><\/span>&#8221; Crypto sleuth debunks 3 biggest misconceptions about the FTX hack &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZTdjZDRjYWYtZmQzNy00YzUyLWFmNjktODYzMDk4MDA0Yzc2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-887bb764>On-chain sleuth ZachXBT has shared his findings on what he sees as the three most common misconceptions about the FTX hack \u2014 taking to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> to correct a &#8220;ton of misinformation&#8221; about the event and the possible culprits.\u00a0<\/p>\n<p>In a lengthy Nov. 20 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zachxbt\/status\/1594353588872044549\">post<\/a> on Twitter, the self-proclaimed \u201con-chain sleuth\u201d debunked speculation that Bahamian officials were behind the FTX hack, that exchanges knew the hacker&#8217;s true identity, and that the culprit is trading memecoins.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ I have seen a ton of misinformation being spread on Twitter and in the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> about the FTX event so let me debunk the three most common things I\u2019ve seen<\/p>\n<p>\u201cBahamian officials are behind the FTX hack\u201d<br \/>\u201cExchanges know who the hacker is\u201d<br \/>\u201cFTX hacker is trading meme coins\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/IAtHnpJI44\">pic.twitter.com\/IAtHnpJI44<\/a><\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zachxbt\/status\/1594353588872044549?ref_src=twsrc%5Etfw\">November 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>On the same day that FTX filed for bankruptcy on Nov. 11, the crypto community began flagging suspicious transactions on wallets associated with FTX, with more than $650 million transferred off the wallet.\u00a0<\/p>\n<p>While there was no official culprit has been identified, a Nov. 17 statement from the\u00a0Securities Commission of the Bahamas (SCB) that stated it had ordered the transfer of all digital assets of FTX to a digital wallet owned by the commission around that time prompted some to believe the SCB was behind the supposed &#8220;hack.&#8221;\u00a0<\/p>\n<p>However, ZachXBT argued that the \u201c0x59\u201d wallet address associated with the hacker was a blackhat address and not affiliated with either the FTX team or the SCB because it &#8220;began selling tokens for ETH, DAI, and BNB and using a variety of bridges so crypto couldn&#8217;t be frozen on 11\/12.&#8221;<\/p>\n<p>&#8220;The fact 0x59 was dumping tokens and bridging sporadically was very different behavior from the other addresses who withdrew from FTX and instead sent to a multisig on chains like Eth or Tron,\u201d he added. <\/p>\n<p>Zach also notes that the blackhat wallet also had contact with another wallet, 0x24, which he suggests &#8220;has very [suspicious] behavior on-chain using sketchy services.&#8221;<\/p>\n<blockquote><p>&#8220;This behavior completely differs what was said about the Debtors moving assets to cold storage or Bahamian government moving assets to Fireblocks.&#8221;<\/p><\/blockquote>\n<p>ZachXBT says his final clue was the wallet address selling Ether (ETH) for renBTC and then using RenBridge, which he says will most likely end with the funds being sent to &#8220;a mixer at some point in the future.&#8221;<\/p>\n<p>Blockchain analytics firm Chainalysis came to a similar conclusion in a Nov. 20 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/chainalysis\/status\/1594349583416840199\">post<\/a>, noting that: <\/p>\n<blockquote><p>&#8220;Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators.&#8221;<\/p><\/blockquote>\n<p>FTX has also commented on the recent fund movements, posting a warning to exchanges &#8220;that certain funds transferred from FTX Global and related debtors without authorization on 11\/11\/22 are being transferred to them through intermediate wallets.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">(2\/2) Exchanges should take all measures to secure these funds to be returned to the bankruptcy estate.<\/p>\n<p>\u2014 FTX (@FTX_Official) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FTX_Official\/status\/1594354848878972930?ref_src=twsrc%5Etfw\">November 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>ZachXBT also highlighted the potential misinformation surrounding the claim the hacker&#8217;s identity had been discovered by &#8220;Kraken or other exchanges.&#8221; <\/p>\n<p>The rumor had been circulating since Kraken&#8217;s chief security officer claimed in a Nov.12 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MarioNawfal\/status\/1591421392142368768\">post<\/a>\u00a0that\u201cWe know the identity of the user.\u201d <\/p>\n<p>Zach says &#8220;In reality&#8221; the user identified as the hacker was likely just the FTX group securing assets to a multi-signature wallet on Tron, using Kraken due to the FTX hot wallet being out of gas for transactions., stating:\u00a0<\/p>\n<blockquote><p>&#8220;The withdrawals to these multisigs also matched what Ryne Miller (FTX GC) had said at the time. This took place hours after the initial 0x59 withdrawals.&#8221;<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>FTX funds on the move as thief converts thousands of ETH into Bitcoin<\/em><\/strong><\/p>\n<p>As his last point, ZachXBT took aim at the rumor that the\u00a0FTX hacker is trading memecoins, which was first <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CertiKAlert\/status\/1592337867426127874?s=20&amp;t=0fg-BmO6eEoENkA8EaFt-Q\">noted<\/a> by blockchain analytics firm CertiK. <\/p>\n<p>Instead, the blockchain detective claims the transfers have been &#8220;spoofed&#8221; on the Ethereum network, citing a March <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/etherscan-blog\/spoof-tokens-on-ethereum-c2ad882d9cf6\">blog<\/a> by Etherscan community member, Harith Kamarul explaining how transactions can be faked. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-sleuth-debunks-3-biggest-misconceptions-about-the-ftx-hack\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto sleuth debunks 3 biggest misconceptions about the FTX hack &#8220; On-chain sleuth ZachXBT has shared his findings on what he sees as the three most common misconceptions about the FTX hack \u2014 taking to Twitter to correct a &#8220;ton of misinformation&#8221; about the event and the possible culprits.\u00a0 In a lengthy Nov. 20&#8230;<\/p>\n","protected":false},"author":1,"featured_media":513246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZTdjZDRjYWYtZmQzNy00YzUyLWFmNjktODYzMDk4MDA0Yzc2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74863,74860,74891,135234,74892,117,70944,4976,10401],"class_list":["post-513245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-ethereum","tag-ftx","tag-tokens","tag-business","tag-hackers","tag-social-media","tag-twitter"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=513245"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513245\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/513246"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=513245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=513245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=513245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}