As per the latest data provided by Spot On Chain, an FTX exploiter address 0x3e9 has transferred a total of over 10,000 ETH worth over $17.1 million via five addresses over the last 24 hours. Reportedly, the exploiter has activated these addresses for the first time in the past few months.
Among these transactions, 7,749 ETH, amounting to $13 million USD, was sent to the Thorchain router and Railgun contract. Additionally, the exploiter executed a swap involving 2,500 ETH, valued at $4.19 million USD, converting it into 153.4 tBTC at an average rate of $27,281 per token. This address has displayed notable activity since becoming active and is expected to continue transferring ETH, likely to Thorchain.
When the hack originally occurred on Saturday, September 30, the estimated losses were nearly 50,000 ETH. The development happened just a few days before SBF’s criminal trial in the month of October 2023.
However, these developments have created much of the selling pressure on the ETH price. The ETH price hovers above the $1,650 level amid the expectation of Ethereum futures ETFs coming on Monday, October 2.
FTX co-founder SBF, also known as Sam Bankman-Fried, is set to face his criminal trial in October, following several months since his arrest in The Bahamas and subsequent extradition to the United States.
The trial is anticipated to span six weeks, commencing with jury selection on October 3, followed by the first court hearing on October 4. Bankman-Fried is confronted with seven charges related to fraud, including two substantive charges and five conspiracy charges.
Throughout the legal proceedings, the founder of FTX has maintained his plea of not guilty to all charges. Despite multiple efforts to secure temporary release, Bankman-Fried remains in detention at the Metropolitan Detention Center, with his most recent release request being denied by Judge Lewis Kaplan due to concerns of a potential flight risk.
However, as we step into Q4 2024, many market analysts are bullish on the crypto market. Historically, Q4 has been a pretty good season for the Bitcoin bulls.
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