A significant portion of the funds from a nearly $500 million exploit on the crypto exchange FTX are being laundered through a mixer service on the Bitcoin blockchain. However, experts believe the attacker’s efforts may be hindered due to the large amount of funds they are trying to hide. The attacker lost some of the stolen funds to Tether freezing their USDT and to slippage as they exchanged between stablecoins and other assets. The attacker is swapping from Ethereum to Bitcoin, and security firms have tracked the funds through the mixer. There is a possibility of involvement from a broker or intermediary with ties to Russia.

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