In a significant exploit in the cryptocurrency space, the now-defunct FTX exchange fell victim to a hack a few hours after declaring bankruptcy, resulting in a loss of over $600 million. Recent on-chain data reveals that the FTX exploiter, whose address was identified as 0x3e9, has become active for the first time in 10 months and has moved more than $17 million worth of Ether tokens in the past 24 hours. This movement marks a continuation of the exploiter’s actions as they have been transferring considerable sums of their loot since then.
The transferred funds include 10,250 ETH, which is equivalent to approximately $17.2 million, spread across five addresses. Spot On Chain, a blockchain data tracker, reports that a significant portion of the funds, 7,749 ETH worth around $13 million, was moved to the Thorchain router and Railgun contract. These decentralized finance (DeFi) protocols are widely recognized for their emphasis on privacy. Additionally, the FTX exploiter executed swap transactions involving 2,500 ETH, worth about $4.19 million, which were converted to 153.4 tBTC, an ERC-20 token standard for Bitcoin, at an average price of $27,281.
The recent movement of funds by the exploiter is believed to be potentially linked to the highly anticipated approval of Ether futures ETFs in the United States, although there is no concrete evidence to support this claim. Speculations suggest that the exploiter may be considering selling their tokens if the price of ETH surges after the approval of futures ETFs. However, it remains to be seen whether these assumptions hold true.
The Ethereum price demonstrated resilience towards the end of September, following a challenging month of fluctuations. The cryptocurrency has made a positive start to October, approaching the psychological level of $1,700 with a 0.6% increase in the past day. Over the last week, the value of ETH has surged by nearly 6%, indicating signs of recovery. CoinGecko data reveals a slight decline in daily trading volume, suggesting a recent downturn in market activity. Nevertheless, Ethereum continues to be the second-largest cryptocurrency, boasting a market capitalization exceeding $200 billion.
Given the recent movements of the exploiter, there is growing interest in monitoring their address. Spot On Chain has hinted that the exploiter might continue to transfer ETH, providing an additional reason for spectators to keep a close watch on their activities. The implications of their actions and any potential impact on the market are yet to be fully understood.
The FTX exploiter’s recent activity involving the movement of over $17 million worth of Ether tokens in the past 24 hours has attracted attention within the crypto community. As details emerge, speculation surrounding their motives and the potential influence of upcoming Ether futures ETFs approval intensifies. The market response to these movements, combined with Ethereum’s performance, will be crucial in determining the future trajectory of both the exploit and the cryptocurrency itself.