An account associated to a withdrawal of more than $400 million from FTX on November 12 has started to swap assets for Ethereum, PeckShield experts have noted.

According to them, it first received 21,155 ETH from three other addresses that were also involved in the cryptocurrency leak from the exchange.

This account, named FTX Accounts Drainer and labeled Heist, then approved the DAI stablecoin for operations on CoW Protocol’s GPv2VaultRelayer.

This was followed by a series of swaps for a total of $48.3 million.

The account then exchanged 7,420 BNB for 1,500 ETH valued at $1.9 million on the BNB Chain ecosystem and later transferred the funds to Ethereum through a cross-chain bridge.