According to an on-chain report on Saturday, September 30, an address associated with the FTX exploiter became active for the first time in 10 months. As previously reported, some 5,000 ETH (equivalent to $8.2 million) was transferred from the flagged address (identified as 0x3e9) to new addresses on Saturday.
However, in the latest development, blockchain data tracker Spot On Chain revealed that the FTX exploiter has moved more than $17 million worth of Ether tokens in the past 24 hours.
In one of the most significant exploits in the crypto space, the now-defunct FTX exchange fell victim to a hack a few hours after declaring bankruptcy, leading to a loss of more than $600 million.
According to an on-chain revelation, the exploiter has been moving huge chunks of their loot in the past 24 hours. The transferred funds have reached a total of 10,250 ETH (worth roughly $17.2 million), spread across five addresses.
Related Post
A breakdown by Spot On Chain shows that a significant 7,749 ETH (equivalent to about $13 million) was moved to the Thorchain router and Railgun contract. These two decentralized finance (DeFi) protocols are renowned for their privacy-focused features.
Within the past day, the FTX exploiter has executed swap transactions involving 2,500 ETH (worth approximately $4.19 million). These funds were converted to 153.4 tBTC (an ERC-20 token standard for Bitcoin) at an average price of $27,281.
The recent movement of funds by the attacker is believed to be triggered by the highly likely approval of Ether futures ETFs in the US. However, there has been no substantial evidence to back up these connections.
There have been speculations that the exploiter might be looking to dump their tokens should the ETH price rally after futures ETFs are greenlighted.
In any case, spectators will probably keep an eye on the address’ activity, especially after Spot On Chain suggested the exploiter may keep transferring ETH.
Ethereum Price Overview
The Ethereum price showed good strength to end September after largely struggling throughout the month. The cryptocurrency has made a positive start to October, approaching the psychological $1,700 level with a 0.6% rise in the past day.
The value of ETH has jumped by nearly 6% in the past week, reflecting positive signs of recovery. According to data from CoinGecko, the cryptocurrency has experienced a nearly 4% decline in daily trading volume, representing a recent fall in market activity.
Nevertheless, Ethereum remains the second-largest cryptocurrency, with a market cap exceeding $200 billion.
Featured image from iStock, chart from TradingView
The recent activity of the FTX exploiter has caught the attention of many in the crypto community. After lying dormant for 10 months, the exploiter’s address suddenly became active and started moving funds. With the transfer of 5,000 ETH, worth $8.2 million, to new addresses, suspicions were raised about the intentions of the exploiter.
However, the situation took a turn for the worse when Spot On Chain, a blockchain data tracker, revealed that the exploiter had moved over $17 million worth of Ether tokens in just 24 hours. This shocking development has shaken the crypto space, as it highlights the potential vulnerability of even well-established platforms like FTX.
The hack on FTX exchange, which took place shortly after the platform declared bankruptcy, resulted in a staggering loss of over $600 million. This exploit stands out as one of the most significant hacks in the crypto industry’s history. The fact that the exchange was already under financial strain made it an attractive target for malicious actors.
Spot On Chain’s analysis shows that the exploiter transferred a substantial amount of the stolen funds to the Thorchain router and Railgun contract. These DeFi protocols are known for their privacy-focused features, providing an opportunity for the exploiter to obfuscate their actions.
In addition to the movement of funds, the exploiter also executed swap transactions involving 2,500 ETH. These funds were converted to 153.4 tBTC, an ERC-20 token representing Bitcoin. This move indicates a strategic diversification of the stolen funds, potentially for future manipulation or cashing out.
The motives behind the recent activity of the exploiter are still uncertain. However, there are speculations that the exploit may be attempting to sell off their tokens once the Ether futures ETFs gain approval in the US. This approval is highly anticipated and could potentially trigger a rally in the price of ETH.
To further complicate matters, Spot On Chain suggests that the exploiter may continue moving ETH, raising concerns about the ongoing security risks associated with their actions. The crypto community will be closely monitoring the exploit’s address for any further activity as the situation unfolds.
Despite the exploits and vulnerabilities exposed by this incident, Ethereum has shown resilience in the market. The price of ETH has been strengthening, with a positive performance towards the end of September. In October, ETH has approached the $1,700 level, reflecting a 0.6% increase in the past 24 hours.
Over the past week, ETH has experienced a 6% price surge, indicating a potential recovery from previous struggles. Although daily trading volume has declined by nearly 4%, this may be attributed to a temporary dip in market activity rather than a long-term trend.
Ethereum remains the second-largest cryptocurrency by market capitalization, surpassing $200 billion. This status signifies the ongoing demand and trust in the Ethereum network despite the challenges it faces.
As the FTX exploiter’s activities continue to unfold, the crypto community eagerly awaits any updates or developments that may shed light on their motives and future plans. The repercussions of this exploit serve as a somber reminder of the importance of security within the cryptocurrency ecosystem. Stakeholders must remain vigilant in the face of evolving threats to protect users’ funds and maintain the industry’s integrity.
