According to Chainalysis, a platform for analyzing blockchain transactions, the funds stolen from the collapsed FTX exchange are still on their way to selling.

Chainalysis says cryptocurrency exchanges should be on high alert if a hacker decides to cash out their holdings.

Chainalysis has refuted reports of stolen funds allegedly sent to the Bahamas Securities Commission.

On November 18, SCB acknowledged the request to transfer FTX assets to a cold wallet for custody.

However, the regulators actually received only a portion of the cryptocurrency from FTX.

Chainalysis says the stolen cryptocurrency funds were transferred from Ethereum to Bitcoin. These transactions likely pass through currency mixers before the hacker attempts to cash out the ill-gotten money.

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Chainalysis adds that it is still in touch with its industry partners.

Last week, FTX confirmed a hacking incident occurred shortly after it filed for bankruptcy, marking another dramatic development in the cryptocurrency giant’s rapid implosion.

Some have begun to speculate about whether an FTX insider was behind the hack.

While the statement from the Bahamas government has clarified some matters, the fate of the remaining funds remains unclear.

According For analyst ZachXBT, the first clue of a black spot behind the attack was when the address in question started using a lot of bridges to make sure the stolen cryptocurrency wasn’t frozen.

The analyst added:

The fact that 0x59 was throwing tokens and binds intermittently was a completely different behavior than other addresses that pulled out of FTX and instead were sent to multisig on blockchains like Ethereum or Tron.

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