The FTX hacker, responsible for one of the biggest crypto heists in history, has recently moved 5,000 ETH (worth over $8.2 million) from their wallet address. This is the first time assets have been transferred out of the hacker’s wallet since the exploit occurred about a year ago.
In November 2022, the now-defunct FTX exchange suffered a devastating hack that resulted in a loss of over $600 million. The hack took place just a few hours after the exchange filed for bankruptcy. The incident sent shockwaves throughout the cryptocurrency community and highlighted the vulnerabilities of centralized exchanges.
According to Spot On Chain, an on-chain analytics platform, the FTX exploiter transferred 5,000 ETH in two transactions. The first transaction involved moving 2,500 ETH to two separate wallets, with a two-hour gap between both transactions. Spot On Chain also revealed that the hacker moved 700 ETH through the Thorchain Router and 1,200 ETH through the DeFi wallet Railgun. Both Thorchain and Railgun are known for their privacy-focused features.
The movements of the FTX hacker have attracted significant attention, particularly due to a key development in the crypto space. Reports have emerged indicating that the US Securities and Exchange Commission (SEC) is preparing to clear some Ether futures ETFs for launch. This news has fueled speculation that the FTX hacker may be planning a sell-off in anticipation of a potential surge in ETH prices following the launch of Ether futures ETFs.
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The launch of an Ether futures ETF is expected to have a positive impact on ETH price movement. In the past, similar positive news regarding investment funds has led to significant price increases for ETH. In just the last two days since the announcement of the Ether futures ETF launch, the second-largest cryptocurrency has already risen by 4%.
Considering the recent token transfers by the FTX hacker, it is possible that they are planning to capitalize on the potential ETH price surge by selling their holdings. This strategy is often employed by crypto whales and can lead to a bearish trend in the market, which can be detrimental to small traders.
As of now, ETH is trading at $1,677 with a 5.77% gain in the last day. However, the token’s daily trading volume has decreased by 44.35% and is currently valued at $3.8 billion. The cryptocurrency market is always subject to volatility, and the actions of major players like the FTX hacker can greatly impact price movements.
It is important for market participants to closely monitor developments in the crypto space, including the launch of Ether futures ETFs and any potential sell-offs by major holders. Traders and investors should exercise caution and make informed decisions based on market trends and analysis.
In conclusion, the recent movement of 5,000 ETH from the FTX hacker’s wallet raises speculation about a possible market sell-off in anticipation of the launch of Ether futures ETFs. The actions of major players in the crypto space can significantly impact market dynamics, and it is crucial for market participants to stay informed and exercise caution in their trading and investment decisions.
