Funds stolen from the FTX cryptocurrency exchange are now being converted from ETH to Bitcoin, according to blockchain analysis firm Chainalysis. On Nov. 20, Chainalysis took to Twitter to encourage exchanges to freeze the tokens in case thieves try to convert them into fiat or otherwise further obfuscate the assets.

During the controversial FTX collapse and bankruptcy, news emerged that 228,523 ETH had been stolen from the exchange by an unknown actor. Ownership of the coins was worth a whopping $268,057,479 at the time of publication, currently ranking the thief as one of the largest ETH owners in the world.

While initial reports suggested that all of the funds in question were likely in the custody of securities regulators in the Bahamas, Chainalysis poured cold water on this theory, stating:

“Reports that funds stolen from FTX were actually sent to the Bahamas Securities Commission are incorrect. Some funds were stolen and others were sent to regulators.”

At the time of publication, roughly 31,000 ETH has been converted to wrapped BTC. The thieves then used the Ren protocol to send the coins across the chain to the Bitcoin mainnet wallet, eventually receiving a total of 2444.55 BTC.

It’s been a rough few weeks for those affected by the collapse of FTX and its affiliates. Earlier today, a press release indicated that FTX debtors are in talks with financial services firm Perella Weinberg Partners about various restructuring attempts. However, the employment is subject to bankruptcy court approval.

Meanwhile, the company’s founder, Sam Bankman-Fried, is said to remain “under surveillance” in the Bahamas, though there are fears he might try to flee to Dubai if given the chance . It is unclear how that will ultimately play out, as the UAE and the United States have reached an agreement on evidence sharing, judicial cooperation and assistance with criminal investigations and prosecutions.