Kraken’s CSO Claims To Have Identified The $600 Million FTX Hacker

Pratik Bhuyan
November 12, 2022
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Just an hour ago, in response to Mario Nawfal, Nick Percoco, the CSO of Kraken Exchange, tweeted that the Kraken team now knows the name of the user who hacked FTX.

How It Was Easy for Kraken To Identify

Kraken’s KYC (Know Your Customer) mechanism was enough for the Kraken team to be able to identify the hacker since he used the exchange to dump the stolen funds during the hack.

IBCgroup.io’s founder and CEO, Mario Nawfal, wrote on Twitter that the hacker is very likely an incompetent insider.

Read More: FTX Employees Rumored To Be Behind $600M Hack

Community’s Collective Effort

The well-known YouTuber and proponent of cryptocurrencies and NFT, Satoshi Stacker, also commented on the matter, pointing out that the FTX “Hacker” just funded his TRX wallet from Kraken.

Dyma Budorin, the CEO and co-founder of Hacken.io, praised Tobias Silver, the creator of just.money, for his thorough analysis of the FTX Tron accounts.

Due to the hacker’s incapability, Budorin concluded that some insider is behind (the FTX) rug pull or exit scam.

Read More: Ripple CTO Has This to Say On FTX Being A Ponzi

Kraken and law enforcement will most probably now collaborate in order to track and trace down the identified person.

The FTX Hack Fiasco

Hours after FTX announced its decision to file for voluntary chapter 11 bankruptcy, reports of a $600 million hack surfaced. Sam Bankman-Fried has also resigned from his position as FTX’s CEO prior to the hack. Around 130 additional FTX-affiliated entities are also parties to the proceedings, as per the filing.

Word has it, almost $1 billion in client deposits have gone missing from the bankrupt cryptocurrency exchange FTX, and it’s alleged that Bankman-Fried used a “backdoor” in FTX’s book-keeping system to siphon off money privately.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.