The actual person at the back of the FTX exploit has been converting valuable amounts of Ethereum to Ren Bitcoin,  a tokenized create of Bitcoin on the Ren protocol.

On Sunday, the FTX drainer pockets moved $29.3 million value of ETH throughout the Ren: BTC Gateway, in accordance with records from blockchain security firm PeckShield.

Closing week, the FTX exploiter began a huge ETH buying spree by exchanging hundreds and hundreds of stolen tokens for ETH. At one point, the exploiter’s tackle changed into once one among the ultimate ETH holders in the arena with a steadiness of $285 million value of the cryptocurrency. Now, it looks to be like as if the attacker is making prepared to cash out.

On-chain records platform Chainalysis shared a image of the sequence of transactions documenting the hacker’s chase. Based entirely on the firm, these funds maintain been seemingly bridged from ETH to BTC as a step sooner than a cash out strive.

On Nov. 18, chaos ensued after FTX debtors said in an emergency motion that the Bahamas regulators requested Bankman-Fried to transfer the alternate’s crypto steadiness to the authorities’s digital pockets. The Bahamas Securities Commission later confirmed that they had indeed made an tell of this nature, main many to the conclusion that the Bahamas authorities changed into once in custody of the stolen funds.

“Reviews that the funds stolen from FTX maintain been in truth sent to the Securities Commission of The Bahamas are unsuitable. Some funds maintain been stolen, and varied funds maintain been sent to the regulators,” tweeted Chainalysis on Sunday.

The firm cautioned exchanges to be on “high alert” to freeze funds if the exploiter makes an are trying to pass them on to an replacement

The utilization of the Ren Bridge to transfer resources is entertaining on condition that the protocol said in February 2021 that its type team might presumably presumably be obtained by Alameda.

At the time, Ren CEO Taiyang Zhang said that the team changed into once enraged to be working with Sam Bankman-Fried and the Alameda team to create more red meat up for Solana and snarl more quantity to RenVM.

On Nov. 19, Ren said it changed into once “transferring on from Alameda” and is now making an are trying to rep extra funding in light of the FTX Crew’s chapter proceedings. The Ren type team anticipates its funding will flee dry by the tip of Q4.