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FTX Hacker Set To Discredit Ethereum (ETH) Holdings

FTX Hacker News – In what could be another blow to the crypto community, a FTX hacker just moved 195,000 Ethereum out of his wallet. This could indicate that the hacker will convert the ETH transferred into Bitcoin (BTC). According to the latest Etherscan reports a hacker transferred Ethereum in multiple batches of 15,000ETH. This led to a further drop of Ethereum (ETH) prices, which dropped by around 7% in the last week.
According to CoinMarketCap, the ETH price is at $1,117 as of writing. This is a decrease of 4.89% over the last 24 hours. Recent transactions on chain show that the FTX drainer transferred 15,000 ETH at 12 different addresses. The total value of assets is around $200 million.

The FTX blackhat transferred 15k ETH from one address to another, totaling $200M. He will likely convert the ETH to renBTC, and then gradually exit to the 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

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The 31st largest holder, at one time, of Ethereum, was the hacker at FTX. November 11th, 2017, the FTX exchange was hacked. FTX also declared bankruptcy proceedings under Chapter 11 due to a liquidity crunch. FatMan, who updates Terra on Terra’s situation, asked Sam Bankman-Fried why he was silent about the FTX hacker. He suggested that there should be an investigation into the entire situation.
“It’s quite amazing to me how nonchalant SBF & FTX seem to be about this absolutely huge hack. This task force should be established immediately!

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The exchange witnessed abnormal transfers of more than $600 million worth cryptocurrencies from FTX wallets and FTX US wallets. The Ethereum price fell as the hacker converted his ETH holdings into Bitcoin. Interestingly, the FTX group claimed that it had valuable assets that needed effective administration while filing for bankruptcy. The announcement of bankruptcy also marked a change in the guard at the crypto exchange’s helm. John Ray was appointed the new chief executive officer of FTX, replacing Sam Bankman-Fried.

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