In a recent on-chain report, it was revealed that an address associated with the FTX exploiter has become active after 10 months of inactivity. The FTX exchange had fallen victim to a hack just hours after declaring bankruptcy, resulting in a loss of over $600 million. The exploiter has now moved more than $17 million worth of Ether tokens in the past 24 hours, raising concerns and speculation about their intentions.
The hack on the now-defunct FTX exchange is considered to be one of the most significant exploits in the crypto space. After declaring bankruptcy, the exchange was targeted by the exploiter, resulting in the loss of a substantial amount of funds. The fact that the exploiter has now resurfaced and moved a large sum of money has raised alarms within the crypto community.
According to blockchain data tracker Spot On Chain, the exploiter has moved a total of 10,250 ETH (worth approximately $17.2 million) in the past 24 hours. These funds have been spread across five different addresses, indicating a deliberate effort to hide the transactions. A significant portion of the funds, 7,749 ETH (equivalent to about $13 million), was moved to the Thorchain router and Railgun contract, both known for their privacy-focused features. Additionally, the exploiter executed swap transactions involving 2,500 ETH (worth approximately $4.19 million), converting them to 153.4 tBTC at an average price of $27,281.
Possible Motivation
Speculation surrounding the recent movement of funds by the FTX exploiter suggests that it may be linked to the potential approval of Ether futures ETFs in the US. However, there is currently no substantial evidence to support these claims. It is believed that the exploiter may be looking to sell their tokens if the price of ETH rallies after futures ETFs are greenlighted. This speculation adds another layer of uncertainty to the motives behind the exploit.
The recent activity of the FTX exploiter has garnered attention, with many keeping a close eye on the address and its future movements. The Ethereum price has shown strength, ending September on a positive note and making a good start to October. The cryptocurrency is approaching the psychological $1,700 level with a 0.6% rise in the past day. Over the past week, the value of ETH has risen by nearly 6%, indicating signs of recovery.
Market Activity and Ethereum’s Position
Despite the positive market response, there has been a decline in daily trading volume for Ethereum, reflecting a recent fall in market activity. The decline in volume may be attributed to the overall uncertainty surrounding the exploit and the potential approval of Ether futures ETFs. However, Ethereum remains the second-largest cryptocurrency with a market cap exceeding $200 billion, indicating its strong position in the market.
The recent movement of funds by the FTX exploiter has raised concerns and speculation within the crypto community. With substantial amounts of Ether tokens being transferred, questions arise about the motives behind these transactions. The potential approval of Ether futures ETFs in the US adds another layer of uncertainty to the situation. However, the positive market response and signs of recovery for Ethereum indicate resilience within the cryptocurrency market. As the situation continues to unfold, it will be important to monitor the exploiter’s activity and its potential impact on the market.
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