FTX Hacker All Set To Dump Ethereum (ETH) Holdings?
FTX Hacker News: In what could be yet another blow for the crypto community, the FTX hacker has just moved 195,000 Ethereum from his wallet. This could mean the hacker will convert the transferred ETH into Bitcoin (BTC). According to latest Etherscan reports, the hacker transferred Ethereum in several batches of 15,000 ETH. Meanwhile, this led to a further drop in Ethereum (ETH) price, which already declined by around 7% over the last one week.
As of writing, ETH price stands at $1,117, down 4.89% in the last 24 hours, according to price tracking platform CoinMarketCap. According to recent transactions on chain, the FTX drainer transferred 15,000 ETH to 12 different addresses. The value of assets amounts to around $200 million in total.
The FTX blackhat just transferred 15k ETH to 12 different addresses, which amounts to ~$200M total. This means he will likely dump the ETH to renBTC and gradually exit to 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
Silence on FTX Hacker, Ethereum Sale
At one point, the FTX hacker became the 31st largest holder of the second largest cryptocurrency, Ethereum. The FTX exchange has been hacked on November 11. On the same day, FTX declared the commencement of its chapter 11 bankruptcy proceedings due to a massive liquidity crunch. In this context, FatMan, who provides updates on the Terra situation, wondered why Sam Bankman-Fried was silent about the FTX hacker. He said there should be a probe on the whole situation.
“It’s pretty wild to me how nonchalant SBF & FTX appear to be about this absolutely massive hack. There should be a task force on this right now!”
The exchange saw abnormal transfers of over $600 million worth of cryptocurrencies from FTX and FTX US wallets. Also, as the hacker began converting his ETH holdings to Bitcoin, the Ethereum price began to fall. Interestingly, the FTX Group claimed that it had valuable assets which need effective administration, while filing for bankruptcy. The bankruptcy announcement also marked a change of guard at helm of affairs at the crypto exchange. The company replaced Sam Bankman-Fried with John Ray as the new FTX chief executive officer.
- Bloomberg Analyst Says XRP ETF Approval Odds Now 100% as Expert Eyes $33 Rally
- Hester Peirce Says US SEC Willing to Foster DePIN and RWA Tokenization Projects
- SEC Chair Paul Atkins Says Crypto Is Top Priority At SEC CFTC Roundtable
- Legal Expert Breaks Down XRP’s Appeal as Ripple SWIFT Debate Heats Up
- Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
