According to recent information from Spot On Chain, the address linked to the FTX exploit, identified as 0x3e9, has been involved in a series of transfers exceeding 10,000 Ether (ETH), which is roughly equivalent to $17 million. These transfers were made across five different addresses starting from September 30. Interestingly, these addresses had remained inactive for several months until this recent activity.
Out of the 7,749 ETH transferred, valued at approximately $13 million, a significant portion was directed towards the THORChain router and Railgun contract. Additionally, the exploiter carried out a swap involving 2,500 ETH, worth around $4.19 million, converting it into 153.4 tBTC at an average price of $27,281 per token.
The initial hack occurred on Saturday, September 30, resulting in losses estimated to be nearly 50,000 ETH. This incident has attracted attention as the market eagerly awaits the launch of Ethereum futures ETFs on Monday, October 2.
In a case related to FTX, the trial of co-founder Sam Bankman-Fried is scheduled to begin in October. The trial is expected to last for six weeks, with jury selection commencing on October 3 and initial court proceedings starting on October 4. Bankman-Fried is facing seven charges related to fraudulent activities, comprising two substantive charges and five conspiracy charges.
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Despite the allegations, Bankman-Fried has pleaded not guilty to all charges. However, he remains in custody as his numerous attempts to secure temporary release have been unsuccessful. The most recent request for release was denied by Judge Lewis Kaplan, who expressed concerns about the possibility of Bankman-Fried fleeing.
The FTX exploit and the upcoming trial of Sam Bankman-Fried have raised questions about the trustworthiness of crypto exchanges. In the wake of the FTX collapse, individuals are questioning the security and reliability of such platforms.
As the investigation into the FTX exploit continues, more information about the identity and motives of the exploiter may come to light. The large amounts of Ether transferred and the specific targets of these transfers suggest a sophisticated operation that requires further scrutiny.
The transfer of funds to the THORChain router and Railgun contract raises concerns about the security and vulnerabilities of decentralized finance (DeFi) protocols. The exploit shows that even well-established projects within the DeFi space are susceptible to attacks, highlighting the need for robust security measures and continuous auditing.
The launch of Ethereum futures ETFs adds another layer of complexity to the situation. With the increasing popularity of ETFs in the crypto market, the FTX hack serves as a reminder of the risks associated with such financial products. It also raises questions about the effectiveness of regulatory oversight and whether the necessary precautions are being taken to protect investors.
Overall, the FTX exploit and its aftermath highlight the evolving nature of the crypto landscape. As the market matures, it is essential for investors, regulators, and market participants to remain vigilant and proactive in addressing security issues. The incident serves as a reminder that risk management and due diligence are crucial elements in the world of cryptocurrencies and decentralized finance.
