FTX Hacker All Set To Dump Ethereum (ETH) Holdings?

FTX Hacker News: In what could be yet another blow for the crypto community, the FTX hacker has just moved 195,000 Ethereum from his wallet. This could mean the hacker will convert the transferred ETH into Bitcoin (BTC). According to latest Etherscan reports, the hacker transferred Ethereum in several batches of 15,000 ETH. Meanwhile, this led to a further drop in Ethereum (ETH) price, which already declined by around 7% over the last one week.

As of writing, ETH price stands at $1,117, down 4.89% in the last 24 hours, according to price tracking platform CoinMarketCap. According to recent transactions on chain, the FTX drainer transferred 15,000 ETH to 12 different addresses. The value of assets amounts to  around $200 million in total.

The FTX blackhat just transferred 15k ETH to 12 different addresses, which amounts to ~$200M total. This means he will likely dump the ETH to renBTC and gradually exit to BTC mainnet. Selling didn’t start yet but will take some time though as liquidity will need to be reloaded pic.twitter.com/h88BDNX9Hw

— Larry Cermak 🫡 (@lawmaster) November 21, 2022

Silence on FTX Hacker, Ethereum Sale

At one point, the FTX hacker became the 31st largest holder of the second largest cryptocurrency, Ethereum. The FTX exchange has been hacked on November 11. On the same day, FTX declared the commencement of its chapter 11 bankruptcy proceedings due to a massive liquidity crunch. In this context, FatMan, who provides updates on the Terra situation, wondered why Sam Bankman-Fried was silent about the FTX hacker. He said there should be a probe on the whole situation.

“It’s pretty wild to me how nonchalant SBF & FTX appear to be about this absolutely massive hack. There should be a task force on this right now!”

The exchange saw abnormal transfers of over $600 million worth of cryptocurrencies from FTX and FTX US wallets. Also, as the hacker began converting his ETH holdings to Bitcoin, the Ethereum price began to fall. Interestingly, the FTX Group claimed that it had valuable assets which need effective administration, while filing for bankruptcy. The bankruptcy announcement also marked a change of guard at helm of affairs at the crypto exchange. The company replaced Sam Bankman-Fried with John Ray as the new FTX chief executive officer.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.