An on-chain report has revealed that the FTX exploiter, responsible for the major hack on the now-defunct FTX exchange, has moved more than $17 million worth of Ether tokens in the past 24 hours. This comes after 5,000 ETH ($8.2 million) was transferred from the exploiter’s flagged address to new addresses on Saturday.
FTX Exploiter Expected to Continue Moving Stolen Funds
Blockchain data tracker Spot On Chain speculates that the FTX exploiter will continue to move their stolen funds. The exploit, which happened shortly after the FTX exchange declared bankruptcy, resulted in a loss of over $600 million.
The exploiter has already moved a total of 10,250 ETH (approximately $17.2 million) across five addresses. Notably, 7,749 ETH ($13 million) was sent to the privacy-focused Thorchain router and Railgun contract, while 2,500 ETH ($4.19 million) was swapped for 153.4 tBTC at an average price of $27,281.
There are speculations that the exploiter may be preparing to sell their tokens if the price of Ether rallies after the approval of Ether futures ETFs in the US. However, there is no concrete evidence to support this theory.
Ethereum Price Overview
The price of Ethereum has shown strength at the end of September and made a positive start to October, with a 0.6% rise in the past day. It has experienced a nearly 6% increase over the past week, indicating signs of recovery. Despite a recent decline in daily trading volume, Ethereum remains the second-largest cryptocurrency with a market cap over $200 billion.
What is the FTX exploit?
The FTX exploit refers to a major hack that targeted the FTX exchange shortly after it declared bankruptcy, resulting in a loss of more than $600 million.
What has the FTX exploiter done with the stolen funds?
The FTX exploiter has moved a total of $17 million worth of Ether tokens in the past 24 hours, spreading the funds across multiple addresses. Some of the funds were sent to privacy-focused protocols such as Thorchain router and Railgun contract.
Why is the exploiter moving the funds?
It is speculated that the exploiter may be preparing to sell their tokens if the price of Ether rallies after the approval of Ether futures ETFs in the US. However, there is no solid evidence to support this theory.
What is the current price of Ethereum?
The price of Ethereum is currently approaching the $1,700 level with a 0.6% rise in the past day. It has experienced a nearly 6% increase over the past week and remains the second-largest cryptocurrency with a market cap exceeding $200 billion.