Crypto sleuth debunks 3 FTX hack myths

ZachXBT, a detective on the job, took to Twitter to dispel “lots and lots of misinformation” surrounding the FTX hack. He shared his research on the three biggest mistakes people make regarding the breach.

On November 20, the self-described “on chain detective” dispelled many rumors in a lengthy Twitter message. Rumours circulated that Bahamian authorities were responsible for the FTX attack. They also claimed that the exchanges knew the true identity of the hacker and that the attacker was trading memecoins.
The cryptocurrency community began reporting unusual transactions on wallets associated with FTX on November 11. These transactions saw the withdrawal of $650 million from the wallet.
The Securities Commission of the Bahamas issued a statement on November 17, in which they stated that they had ordered the transfer of all digital FTX assets to a digital wallet controlled by the commission at that time. Some people believed the SCB was behind this alleged hack, even though nobody has been officially named.
ZachXBT argued, however, that the 0x59 address associated with hacker was a blackhat and not affiliated with either FTX or the SCB. It “began selling tokens to ETH, DAI and BNB and used a variety bridges so crypto could’t be frozen in 11/12.” ZachXBT’s reasoning was that the address “began to sell tokens for Ethereum, DAI, BNB, and used a variety bridges so crypto could not be frozen on November 11/12.”
“The fact that 0x59 had been dumping tokens, bridging sporadically and was very different from the other addresses who withdrew FTX but instead sent to a Multisig on chains such as Eth and Tron,” he said. “The behavior of other addresses that withdrew from FTX but sent to multisigs on chains like Ether and Tron was much more consistent.”
Zach mentions that the blackhat bitcoin wallet had been in contact with a second wallet, 0x24. This wallet, Zach claims, “had extremely suspect behaviour on-chain utilising dubious services.”
ZachXBT also highlighted the possibility of incorrect information concerning the assertion that Kraken or another exchanges had revealed the hacker’s identity.
The rumour has been spreading since Kraken’s chief Security Officer stated on November 12th that “We know who the user is.”
Zach said that “In reality,” the hacker who was labelled was simply the FTX Group that secured assets to a multisignature Tron wallet with Kraken. The FTX hot wallet was running out of gas, and couldn’t process transactions.
ZachXBT closed his argument by addressing a persistent claim that the FTX hackers are involved in trading memecoins. CertiK, a blockchain analytics company, first reported this rumour.
The blockchain detective claims that transactions on Ethereum have been “spoofed”. The blockchain detective refers to a March blog post by Harith Kamarul (an Etherscan community member) that describes how transactions could be faked.

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