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ETH On-chain data shows: AFX Trade hackers have exchanged 12,467 ETH items into Bitcoin
On-chain data shows that the hackers involved in the AFX Trade attack have exchanged 12,467 Ethereum items into Bitcoin. Investigators are tracking the hackers 'associated wallets to find out the path of funds transfer across assets. The redemption was flagged in an on-chain report by the blockchain tracking account Lookonchain, which continues to monitor attackers 'associated wallets and cross-asset flows. This funding change is directly related to the AFX Trade case, rather than general market capital flows.
What does on-chain data reveal?
The main evidence of this incident stems from the attacker's transfer activities associated with wallets, rather than statements from the platform. The wallet behavior shows that it is controlled by a single operator, which provides a basis for tracking. The attacker's address is publicly visible on the chain, and its transaction records can be directly queried in the blockchain browser. It is these records that attribute ETH to BTC conversions to the same entity.
How ETH was exchanged for BTC
Prior to this exchange, in the same case, AFX Trade hackers had exchanged 655.4 ETH for 18.86 BTC through THORChain. This pattern suggests that hackers have adopted a cross-chain switching path rather than a single centralized exchange. Converting Ethereum to Bitcoin through a decentralized cross-chain path allows operators to change asset allocation without going through escrow checkpoints. The switch to BTC is important in hacking reports because it often means that attackers try to integrate and hold value in order to break away from the chain being attacked.
Impact of this trend on tracking
Cross-asset swaps make recovery more difficult because funds no longer remain on the network where the attack occurred. Investigators must turn their attention to Bitcoin addresses rather than just Ethereum or Arbitrum addresses. After such transfers occur, analysts typically track whether the converted bitcoins are integrated, dispersed into new wallets, or sent to a mixed-in service. Each model affects the actual likelihood that affected AFX Trade users will recover funds.
What to focus on next
The most critical follow-up signal will be whether the converted bitcoins are transferred further, especially into new wallets or deposit addresses. Dispersion behavior may indicate that operators are trying to cover their tracks. Conversely, long-term inactivity means that funds are being held. Confirmation from the AFX Trade platform or an independent blockchain analytics agency will help verify any new developments beyond existing wallet evidence.
Frequently Asked Questions
What happened in the AFX Trade case?
The Arbitrum based AFX Trade platform lost approximately US$24 million due to the disclosure of the cross-chain bridge key. The attacker then linked the wallet to carry out cross-asset transfer.
How much ETH is redeemed?
On-chain tracking showed that the hacker exchanged 12,467 ETH into Bitcoin.
Does exchanging ETH for BTC increase the difficulty of recovery?
Yes. Transferring value onto different chains forces investigators to trace Bitcoin addresses and routing funds across assets leaves the network where the attack occurred.
