Paxos Burns $15M of FTX Myth Drainer’s Tokens
Blockchain infrastructure platform Paxos has burned over $15 million value of tokens belonging to the FTX hacker.
On-chain files from blockchain explorer Etherscan reveals that 8,000 Paxos Gold (PAXG) tokens value $14.7 million had been burned on Thursday, by sending them to a null address. When tokens are sent to a null address, they are effectively eradicated from circulation without end – an figuring out in most cases usually known as “token burning” in crypto.
A transaction alert from on-chain monitoring carrier Watchers printed that every other Ninety 9 Paxos Gold (PAXG) tokens value $900,989 had been additionally burned on the identical day.
🚨 FTX Hacker 4(0x9c43cb) sent 499 $PAXG ($900,989) to Null Contend with: 0x000…000(0x000000) at 2022-12-22 16:34:47 UTC
Transaction Hash: 0xd9a35c56a5567931763483d4cb226f280f580af98ee77bded9acf4713b1ef1d0#Watchers #0xScope— Scopescan (@0xScopescan) December 22, 2022
The tokens in question had been linked to an yarn labelled “FTX yarn drainer” – an entity linked to stealing over $400 million value of funds from the crypto alternate rapidly after it iced up withdrawals and declared insolvency.
Closing month, Paxos said it had frozen $19 million value of crypto from four Ethereum wallets linked to the FTX hacker. The platform said the switch to freeze these tokens on-chain came after a requirement from U.S. Federal Law enforcement on Nov. 12.
At press time, Paxos had no longer issued a press liberate referring to the token burns.
Within the period in-between, FTX’s liquidators have enlisted a team of forensic financial investigators from AlixPartners to sign where the lacking funds will be, as per a memoir from The Wall Avenue Journal earlier this month.
Former FTX CEO Sam Bankman-Fried informed honest crypto reporter Tiffany Fong that he had a “beautiful first price sense” that the particular person in the motivate of the attack used to be a used employee or any individual who historical malware on an ex-employee’s computer.
Source credit : unchainedcrypto.com