- FTX Accounts Drainer has started to offload its ETH by swapping assets to launder stolen funds.
- The hacker started transferring stolen Ethers to a new wallet address.
- The cyberpunk’s move to cash out ETH for BTC is hampering the price of ETH.
An Ethereum (ETH) wallet known as the “FTX Accounts Drainer” has started to offload its Ethereum by swapping assets and using bridges to launder stolen funds. The hacker has additionally converted 15,000 ETH worth $16 million to Bitcoin (BTC).
Reportedly, the hacker started transferring stolen Ethers to a new wallet address. The FTX wallet drainer, who once sat on the 27th position as the ETH holder, dropped 10 positions after the dumping round.
The hacker not only stole funds through FTX but was also able to manipulate the prices of Ether by dumping massive amounts within hours. The hacker’s move to cash out ETH for BTC is hampering the price of ETH. The trend will likely continue until the hacker has effectively converted all the ETH for BTC.
The FTX Accounts Drainer sent 50,000 ETH to the new address 0x866E on November 20. The new wallet address was then bridged to two wallets on the Bitcoin network and exchanged ETH for renBTC (the ERC-20 form of BTC). One of the wallets, bc1qvd…gpedg, contained 1,070 renBTC, while bc1qa…n0702 contained 2,444 renBTC. The hacker’s exchange path is reported to be ETH → WBTC → renBTC.
At the time of writing, Ethereum was priced at $1,124.22 with a dip of 3.89% in the past 24 hours. The coin slipped a further 10.41% in the past seven days. ETH has a trading volume of $11,957,167,122 with over 122,373,866 ETH in total circulation, according to CoinMarketCap.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
