The FTX $400 Million Crypto Theft Mystery Resolved

robot
Abstract generation in progress

We finally know who stole that massive $400 million in crypto from FTX. Three people. A SIM-swapping ring. Mystery solved.

The DOJ charged Robert Powell, Carter Rohn, and Emily Hernandez in early 2024. Legal stuff has dragged on through 2025. These folks weren't amateurs.

They ran a phone hacking operation for years. Fake IDs. Impersonation. The whole package. It seems they were building toward something big all along.

Their jackpot came November 11, 2022. FTX's bankruptcy day. Perfect timing? Maybe not coincidental. Powell apparently directed a SIM swap on an FTX employee's AT&T account. Got the codes. Grabbed the keys to the kingdom.

Then boom. Just 24 hours. $400 million gone. Many thought it was an inside job. Nope. External hackers. Kind of surprising they pulled it off amid all that chaos.

They were on a roll before FTX too. $293,000 from one victim. Over $1 million from another. Then $590,000 the day after the FTX heist. Greedy.

Elliptic's been tracking the money. They say it's actually $477 million. Wow. The thieves converted lots of Ether to Bitcoin. Classic laundering moves.

The trial's still going. No plea deals yet. It's not entirely clear how this will end.

The scary part? Phone authentication isn't as secure as we think. One compromised phone can break everything. Everything.

BTC0.29%
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)