The FTX exchange has fallen victim to one of the biggest hacks in the crypto space, resulting in a loss of over $600 million. In a recent development, Spot On Chain, a blockchain data tracker, has revealed that the FTX exploiter has moved more than $17 million worth of Ether tokens in the past 24 hours. This comes after an address associated with the exploiter became active for the first time in 10 months, with 5,000 ETH (equivalent to $8.2 million) being transferred to new addresses.
The exploiter has moved a total of 10,250 ETH (approximately $17.2 million) in the past day. The funds have been spread across five addresses, with a significant amount of 7,749 ETH (worth about $13 million) being moved to the Thorchain router and Railgun contract. These two decentralized finance (DeFi) protocols are known for their privacy-focused features.
Additionally, the exploiter has executed swap transactions involving 2,500 ETH (worth roughly $4.19 million) in the past 24 hours. These funds were converted to 153.4 tBTC (an ERC-20 token standard for Bitcoin) at an average price of $27,281.
There have been speculations that the recent movement of funds by the attacker is related to the potential approval of Ether futures exchange-traded funds (ETFs) in the US. However, there is no substantial evidence to support this connection. It is believed that the exploiter might be looking to sell their tokens if the ETH price rallies after the approval of futures ETFs.
The Ethereum price has shown signs of strength and recovery recently. It has made a positive start to October, approaching the $1,700 level with a 0.6% rise in the past day. Over the past week, the value of ETH has jumped by nearly 6%. However, daily trading volume has experienced a nearly 4% decline, indicating a fall in market activity. Despite this, Ethereum remains the second-largest cryptocurrency, with a market cap exceeding $200 billion.
As the FTX exploiter continues to move funds, viewers will likely monitor the address’ activity closely, especially after Spot On Chain’s suggestion that the exploiter may continue transferring ETH. The potential impact of the exploiter’s actions on the overall Ethereum market remains to be seen.
[Image Credit: iStock, Chart: ETHUSDT on TradingView]
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