On Nov. 20, on-chain detective ZachXBT set out a Twitter thread to debunk the three most commonly misunderstood issues surrounding the FTX case.
The three areas ZachXBT set out to cover were:
- Bahamian officials being behind the FTX hack
- Exchanging knowing the identity of the hacker
- The FTX hacker trading meme coins.
1/ I have seen a ton of misinformation being spread on Twitter and in the news about the FTX event so let me debunk the three most common things I’ve seen
“Bahamian officials are behind the FTX hack”
“Exchanges know who the hacker is”
“FTX hacker is trading meme coins” pic.twitter.com/IAtHnpJI44— ZachXBT (@zachxbt) November 20, 2022
ZachXBT began by alleging that the ‘0x59’ wallet was a blackhat address and not affiliated with either the FTX team or Bahamian officials.
The hacker used very high slippage in trades when selling tokens for Ethereum (ETH), DAI, and BNB and was then bridged to avoid the assets being frozen on Nov. 12. This sporadic behavior was noted to be “very different” from other addresses that withdrew from FTX by ZachXBT.
3/ 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. https://t.co/WE3Zyax2ub
— ZachXBT (@zachxbt) November 20, 2022
ZachXBT pointed out suspicious on-chain movement following a transaction of 3168 BNB from 0x59 to 0x24, then to Huobi – 0x24, having used potentially insecure services like Laslobit.
ZachXBT explained that this behavior was wholly different from the information provided regarding the Debtors moving assets to cold storage or the Bahamian government moving assets to the digital asset custody platform, Fireblocks.
5/ This behavior completely differs what was said about the Debtors moving assets to cold storage or Bahamian government moving assets to Fireblocks. pic.twitter.com/wMekRhzOPR
— ZachXBT (@zachxbt) November 20, 2022
Next, ZachXBT…
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