Funds said to be stolen from the now-bankrupt crypto exchange FTX are on the move, and likely headed for exchanges as hackers attempt to cash out the proceeds.

According to an update from the blockchain intelligence company Chainalysis, the funds have already been converted from ethereum (ETH) to bitcoin (BTC) through the RenBridge (REN), a protocol that allows for decentralized cross-chain transfers between a number of different blockchains.

The next likely move, according to Chainalysis, is for the funds to be sent to a coin mixing service in order to obfuscate where they have originated from, before the hackers will attempt to cash out.

“We are in touch with our partners across the ecosystem as we work to help secure as many assets as possible to return to depositors,” Chainalysis wrote.

(by Fredrik Vold)