Blockchain tracking shows the hackers who drained AFX Trade converted 12,467 ETH into Bitcoin, moving stolen assets across chains as investigators follow the digital trail.
Lookonchain, the blockchain monitoring account, flagged this conversion tied specifically to the AFX Trade breach rather than general market activity. The Arbitrum-based platform lost around $24 million after its bridge keys were compromised, which triggered the flow of funds now seen moving into BTC.
The wallet activity suggests a single operator managing the stolen funds, with the attacker address and transaction history visible on the blockchain explorer. This transparency allows analysts to connect the ETH-to-BTC swaps directly to the same entity behind the AFX Trade hack.
Earlier, the hackers moved 655.4 ETH for 18.86 BTC using THORChain, indicating a pattern of cross-chain swaps instead of funneling assets through centralized exchanges. Such decentralized routes help the thieves avoid custodial checkpoints while changing asset exposure.
Moving from ETH to BTC typically signals an intention to consolidate assets in a more liquid and widely accepted form outside the compromised chain, complicating recovery efforts. Cross-asset conversions add layers of complexity for investigators trying to trace and retrieve the stolen funds.
The ongoing activity highlights the challenges in tracking multi-chain hacks and the need for advanced on-chain analysis tools. This case also ties into broader crypto market shifts where theft proceeds quickly move across chains to evade detection.
Traders have noted significant losses among long-term BTC holders recently, while whales strategize around Bitcoin's key levels, showing the varied dynamics affecting the crypto market beyond hacking incidents.
