FTX Exploiter Transfers Over $17 Million Worth of ETH
According to Spot On Chain, an FTX exploiter address known as 0x3e9 has moved more than 10,000 ETH, equivalent to $17.1 million, through five different addresses in the past 24 hours. This exploiter address had been inactive for several months before this recent activity.
Out of the total transactions, 7,749 ETH, valued at $13 million, was sent to the Thorchain router and Railgun contract. Additionally, the exploiter swapped 2,500 ETH worth $4.19 million for 153.4 tBTC at an average rate of $27,281 per token. It is expected that this address will continue transferring ETH to Thorchain in the future.
🚨 FTX Exploiter 0x3e9 has transferred out a total of 10,250 $ETH ($17.1M) via 5 addresses over the past 24 hours:
– sent 7,749 $ETH ($13M) to the Thorchain router and Railgun contract
– swapped 2,500 $ETH ($4.19M) to 153.4 $tBTC at $27,281 on avg
Notably, the address has been… pic.twitter.com/4Ykp0zih6G
— Spot On Chain (@spotonchain) October 1, 2023
The hack that occurred on September 30 resulted in an initial loss of nearly 50,000 ETH. This incident has put selling pressure on the price of ETH. Currently, the price is hovering around $1,650 as investors anticipate the launch of Ethereum futures ETFs on October 2.
FTX Co-founder Faces Criminal Trial in October
Sam Bankman-Fried, also known as SBF and the co-founder of FTX, is scheduled to face his criminal trial in October after being arrested in The Bahamas and extradited to the United States several months ago. The trial is expected to last six weeks, beginning with jury selection on October 3 and the first court hearing on October 4.
Bankman-Fried is facing seven charges related to fraud, including two substantive charges and five conspiracy charges. Throughout the legal proceedings, he has maintained his plea of not guilty. Despite multiple attempts to secure temporary release, Bankman-Fried remains in detention due to concerns about him being a flight risk.
Despite these developments, market analysts are optimistic about the crypto market in Q4 2024. Historically, this quarter has been favorable for Bitcoin bulls.
Welcome to Uptober.
Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally.
Potentially #Bitcoin to $40,000 is reasonable.
— Michaël van de Poppe (@CryptoMichNL) October 1, 2023
Hot Take: FTX Exploiter Moves Millions Worth of ETH
An FTX exploiter address has transferred over $17 million worth of ETH through multiple addresses in the past 24 hours. This activity follows a period of inactivity and includes significant transactions sent to the Thorchain router and Railgun contract. The exploiters also swapped a large amount of ETH for tBTC at an average rate of $27,281 per token.
The hack and subsequent selling pressure have impacted the price of ETH. Meanwhile, FTX co-founder SBF is set to face a criminal trial in October, with charges related to fraud. Despite these challenges, market analysts remain positive about the crypto market in Q4 2024.
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