The theft of over $400 million worth of cryptocurrency ( bitcoin ) from FTX during its collapse in November 2022 is attributed to a group of thieves who used SIM swaps.
Initially, many suspected that the theft was carried out by people who knew the company – including, possibly, former CEO Sam Bankman-Fried, who has now been convicted of fraud. However, information provided by blockchains from the past year suggests that external criminals chose a particularly difficult time for FTX to carry out a massive theft.
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Three suspects – Robert Powell, Carter Rohn, and Emily Hernandez – are accused of running the “Powell SIM Swapping Crew.” Using this method, they were able to steal hundreds of millions of dollars from victims’ accounts, including FTX. The robbers targeted the victims during FTX’s bankruptcy, taking advantage of the chaos. The investigation is ongoing, with authorities filing charges against the suspects.
Surprisingly, the FTX perpetrators who stole funds appear to be Americans, while Elliptic reports that the stolen funds were transferred to blockchains linked to Russia. The cryptocurrency mixes used are subject to sanctions by the United States. It appears that the $400 million the hackers stole was transferred to money laundering firms. Elliptic expresses uncertainty about whether the stolen funds are still under control, while compensation to FTX victims depends on whether the hackers have received any share of this amount. This development reveals part of the mystery behind the collapse of FTX and the loss of funds.
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Either way, it's implied that another mystery behind the FTX collapse and the loss of billions of dollars could be revealed. While it can't be completely verified, it seems that at least Sam Bankman-Fried can be avoided being charged with this crime.
Source: wired.com
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