FTX Exploiter Transfers Ethereum
A year after the FTX hack that resulted in the loss of $600 million worth of tokens, there has been recent activity from the address associated with the exploiter, 0x3e957. This was revealed through on-chain data on Saturday, September 30, 2023. It raises the question of whether the hacker is waiting for the right ETH price to sell off their tokens.
On-Chain Data Shows Token Transfers
According to Spotonchain’s on-chain data, the FTX exploiter has activated their address for the first time in several months. The wallet currently holds around $16.75 million worth of ETH tokens. The exploiter transferred a total of 2,500 ETH in two separate transactions, each worth $4 million. This type of token transfer is often associated with selloff activity, which could have a negative impact on the price and affect small investors.
Potential Catalyst: Ethereum ETF Launch
An additional factor that could influence the price of ETH is the launch of Ethereum-based ETFs by various firms on October 2, 2023. If all goes as planned and despite a potential US government shutdown, it is expected that the U.S. Securities and Exchange Commission (SEC) will provide accelerated approval for up to nine ETF products. This development may contribute to a bullish trend in ETH price.
Possible Impact on Bitcoin Price
Meanwhile, the risk of a US government shutdown could potentially trigger fluctuations in Bitcoin’s price due to its adverse effects on the banking industry.
Hot Take: Will FTX Exploiter Affect ETH Price?
The recent activity from the FTX exploiter’s address raises concerns about potential selloffs and their impact on the price of ETH. Additionally, the launch of Ethereum ETFs could provide a bullish trend for ETH, depending on the SEC’s decision. It remains to be seen how these factors will influence the market and whether small investors will be affected. Keep an eye on the ETH price in the coming weeks to gauge the overall impact.
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