- A wallet connected to the hack of bankrupt FTX exchange became active, moving $38 million worth of Ethereum (ETH).
- The hacker initiated multiple transactions using privacy tools like RailGun and THORChain, sparking security concerns in the cryptocurrency market.
- Despite the recent activity, the attacker’s wallet still holds $287 million in assets, raising concerns about potential selling pressure on Ethereum’s price.
A wallet linked to the hack of the defunct FTX exchange has come to life, transferring about $38 million in Ethereum (ETH) days before the former FTX founder’s trial begins. The hacker’s actions raise concerns about security and the implications on the general crypto market.
According to recent on-chain statistics, the wallet associated with the FTX theft went live on September 30, launching its operations with three transactions totaling 6,250 ETH, or $10.46 million. These transfers were carried out using privacy techniques such as RailGun and THORChain.
The attacker went on with their activity on October 1, transferring about 12,250 ETH in two transactions, mainly via THORChain.
SpotOnChain, a leading blockchain analytics company, confirmed these fund transfers, noting that approximately 7,749 ETH (about $13 million) were traded utilizing THORChain and Railgun. Furthermore, the attacker traded 2,500 ETH (about $4.19 million) for 153.4 tBTC at an average price of $27,281 per token.
Over the weekend, the attacker transferred 22,500 ETH (equivalent to $38 million) through seven transactions. These transactions mark the first money transfer from the compromised address since the FTX attack.
FTX Troubled Past and Speculations About the Hack
A day after declaring bankruptcy, FTX was hit with an exploit that resulted in around $400 million in losses. The incident prompted rumors about the potential of an inside job, with the attacker’s identity still unknown nearly a year later.
According to the Arkham Intelligence dashboard, despite the recent rush of transfers, the FTX exploiter’s wallet still contains digital assets worth $287 million. The attacker has 163,249 ETH and 3.9 million USDT in this wallet, among other things.
Crypto fans and experts are now worried about the impact of these recent transactions on the price of Ethereum. There is concern that the selling pressure caused by the hacker dumping their ETH holdings would stymie the cryptocurrency’s current upward trend.
In recent days, Ethereum has seen considerable growth and garnered increased enthusiasm from institutional investors and market participants.