FTX Hack Update: Hacker Amassing Ethereum For A Potential Sell-Off

The hacker, who siphoned nearly $600 million worth of crypto assets from bankrupt crypto exchange FTX, is now amassing Ethereum tokens for a potential sell-off.

According to on-chain data, FTX Accounts Drainer has received ~21,155 $ETH from other FTX Accounts Drainers. Also, the FTX Accounts Drainer in question has approved $DAI for trade on CoW Protocol: GPv2VaultRelayer.

According to Arkham Intelligence, a crypto-intelligence platform, the attacker has been consolidating a balance of DAI and ETH tokens, that cannot be blacklisted or frozen on the ETH mainnet.

According to Arkham’s assessment, the hacker seems to be in a panic, based on their blockchain activity. They lost a big portion of their token holdings due to slippage. They tried to convert tokens using several decentralised exchanges, like UniSwap, 1inch, DODO, and CowSwap. To avoid slippage, the hacker had to sell PAXG, LINK, and MATIC in batches.

Previously, the firm reported that wallets associated with the hacker hold $339 million worth of digital assets that they looted from FTX last Friday.

It included:

$215 million in ETH, the Ethereum blockchain’s native token

$48 million in DAI, Maker’s stablecoin

$44 million in BNB, the Binance ecosystem’s native token

$4 million in Tether’s USDT stablecoin on the Avalanche blockchain

and $3.8 million in MATIC on Polygon’s Matic bridge.

U.S. authorities had earlier ordered Paxos to blacklist the accounts, restraining attackers from moving or cashing out $20 million in PAXG tokens (Paxos’ stablecoin).

Whodunit?

According to reports, the hacker of collapsed crypto exchange FTX is most likely an insider. The clumsy manoeuvres suggest that the FTX exploiter is not very sophisticated. They appear to have acted impulsively, attempting to do anything they could with the money without much of a plan.

Also Read: FTX Hacker Continues To Withdraw Crypto Assets From FTX Wallets