Ethereum user linked to bankrupt FTX exchange transfers $38 million

48
1
Ethereum user linked to bankrupt FTX exchange transfers $38 million

A wallet linked to the bankrupt FTX exchange moved about $38 million in Ethereum since it began operating over the weekend, with Sam Bankman-Fried's trial about to begin.

On-chain data shows that the attacker came to live on Sept. 30 when it first transferred $6.6 million in three transactions through privacy tools like RailGun and THORChain.

On October 1, the attacker continued the transaction trend, moving about 12250 ETH in two transactions via THORChain.

SpotOnChain, a top blockchain analytics firm, corroborated all the fund movement. About 7,749 ETH, valued at around $13 million, were transferred through privacy tools THORChain and Railgun. The attacker then traded 2,500 ETH, worth about $4.19 million, for 153.4 tBTC, at an average price of $27,281 per token.

In seven transactions, the attacker transferred 22,500 ETH (roughly $38 million) worth $38 million. The transactions marked the first transfer of funds from the address since the hacking incident last year.

FTX was used for about $400 million a day after it declared bankruptcy. The incident had drawn speculations that the hack was an inside job, with the attacker's identity still unknown almost a year later.

Despite the litanies of transactions, the FTX exploiter wallet still has digital assets worth $287 million, according to the Arkham Intelligence dashboard. The attacker holds a total of 163,249 ETH and 3.9 million USDT, among other assets.

Crypto community members worried that FTX attacker transactions could detract from an upward movement of ETH's price as it would increase the selling pressure in the market. Over the past few days, the asset has experienced substantial expansion, attracting acquisitions from whales.

CryptoSlate data shows that ETH's value soared by 2.5% to $1,722.31 as of press time.