Here’s what happened in crypto today Trending Crypto News

Here’s what happened in crypto today
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Sam Bankman-Fried’s college roommate testified in court about FTX’s $8 billion deficit before it filed for bankruptcy. Meanwhile, the FTX exploiter, who initially held 175,496 Ether (ETH), worth roughly $294 million, has suddenly started transferring funds, while another four users have reportedly been SIM-swap attacked.

Yedidia testifies in SBF criminal case

Adam Yedidia, a former FTX developer and roommate of Sam Bankman-Fried, testified in court about the financial connection between the crypto exchange and sister company Alameda Research.

The connection between the two companies is one of the key pieces in Bankman-Fried’s alleged fraud. According to Yedidia, he informed Bankman-Fried about a bug in FTX’s code that ensured “Alameda’s liabilities did not decrease,” which ultimately resulted in an $8 billion error. 

“[H]ow long until we’re bullet proof again?” Yedida asked Bankman-Fried while still employed atht ecompany. “[He said] six months to three years. He looked nervous.”

Yedidia said he resigned from FTX once he found out that “Alameda had used customer deposits to pay its loans.” 

FTX exploiter moves $36.8 million in Ether as Sam Bankman-Fried’s trial starts

The crypto wallet address linked to the FTX exploiter moved roughly $36.8 million worth of Ether in the last 24 hours amid the ongoing court trials of the defunct crypto exchange’s ex-CEO, Sam “SBF” Bankman-Fried.

Accounts linked to FTX and FTX US were drained of $600 million on Nov. 11, 2022, hours after the crypto exchange had filed for Chapter 11 bankruptcy.

After nearly 10 months of silence, the FTX exploiter began siphoning out the stolen funds, starting with a transfer of 10,250 ETH worth $17.1 million via four addresses between Sept. 30 and Oct. 1, confirms data from Spot On Chain.

Since Sept. 30, a total of 67,500 ETH has been transferred out of five out of the 15 wallet addresses linked to the FTX exploiter.

Out of the lot, 64,948 ETH ($108 million) was transferred through the THORchain router and 52 ETH (worth $84,000) to the Railgun contract. The remaining 2,500 ETH ($4.19 million) was swapped for Bitcoin (tBTC).

The trial of SBF in connection with the collapse of FTX began on Oct. 3. The entrepreneur has pleaded not guilty to all seven counts of fraud and money laundering charges. SIM-swap scourge continues

A single scammer has reportedly managed to steal around $385,000 worth of Ether in less than 24 hours amid a scourge of SIM-swap hacks seemingly targeting users.

On Oct. 5, blockchain sleuth ZachXBT reported the same scammer had pilfered 234 ETH over the past 24 hours by SIM-swapping four different users.

The on-chain movement of crypto assets was traced back to the same hacker who drained the accounts of the four victims.

One of the reported victims of the most recent chain of SIM-swap attacks posted to X (formerly Twitter) following the attack:

“Got sim swapped. Apparently, dude was able to do it from an Apple store and switched it to an iPhone SE. Don’t buy my keys, that wallet is compromised.”

Earlier this week, a further four users claimed to have their accounts drained due to a SIM-swap or phishing attack, totaling around 109 ETH stolen.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.