The 35th-largest Ethereum (ETH) whale is now the FTX hacker; is a dump incoming?
The FTX saga took a new twist last Friday when it was revealed that a hacker had taken some of the remaining customer funds. According to current information, an inexperienced insider must have gained access to FTX’s wallets.
Dyma Budorin, CEO and co-founder of Hacken, alleged that the hacker stole more than £378.9 million from FTX hot wallets. However, he made a fatal mistake by sending part of the Tether (USDT) stolen assets on the Tron blockchain using his verified personal account on the crypto exchange Kraken.
Kraken has already traced the individual’s identity, and Tether and Paxos have banned some of the assets. “We know who the user is,” Kraken CSO Nick Percoco stated on Friday. Ryne Miller, general counsel for FTX’s US subsidiary, announced Saturday on Twitter that following Friday’s bankruptcy, FTX US and FTX.com had moved all of their digital assets to cold storage, where they are more secure from attack.
“The process was accelerated this evening to promote safety after discovering illegal transactions,” Miller explained. FTX Chief Restructuring Officer and CEO John Ray stated that “an active fact assessment and mitigation exercise was launched immediately in reaction to the hack.” We have contacted and are working with law enforcement and relevant regulators.”
Even though charges have already been launched, the hacker began exchanging substantial quantities of his stolen cryptocurrency in the early hours of today in Europe. Several addresses related to the hacker have made massive transfers today, according to the security firm PeckShield Alert.
As a result, the hacker conducted the following transactions: On BSC, exchanged 7,420 BNB for 1,500 ETH, £40.46 million in DAI was converted into 37,000 ETH, 3,500 BNB were exchanged for 962,071.43 BSC USD, 3,500 BNB were exchanged for 958,560.13 BSC-USD and 15,000 BNB was exchanged for 3,899,020.38 BSC-USD.
Following that, the hacker converted around 3.9 million BSC-USD to Ethereum using the Celer Network, cBridge, and Stargate Finance and swapped them for 5,564.83 ETH. The hacker is now claimed to control 217,000 ETH in total, ranking him 35th amongst Ethereum (ETH) holders.
At press time, ETH was unfazed by the news. ETH was trading at £1068.20, above the 50 and 100 SMA on the 1-hour chart. To start a new uptrend, the resistance level of £1087.61 must be broken. If Ethereum fails to break above this level, it may continue to fall. At £987.20, there is considerable support.