FTX Exploiter moves $17 million in ETH in one day, executing ongoing funds exodus.

FTX Exploiter moves $17 million in ETH in one day, executing ongoing funds exodus.

The FTX Exploiter Continues to Move Stolen Funds: A Closer Look at the Blockchain Activity

In a recent on-chain report, it was revealed that an address associated with the FTX exploiter became active after being dormant for 10 months. The initial transfer from the flagged address, identified as 0x3e9, amounted to 5,000 ETH, equivalent to $8.2 million. However, the latest blockchain data from Spot On Chain suggests that the FTX exploiter has moved over $17 million worth of Ether tokens within the past 24 hours. This ongoing movement of funds raises concerns and speculation about the exploiter’s motives and the possible implications for the cryptocurrency industry.

The FTX Exploit and Stolen Funds

One of the most significant exploits in the crypto space occurred when the now-defunct FTX exchange fell victim to a hack shortly after declaring bankruptcy, resulting in a loss of over $600 million. Following this event, the exploiter has been actively transferring significant amounts of stolen funds. In the past 24 hours alone, the exploiter moved a total of 10,250 ETH, worth approximately $17.2 million, across five different addresses.

According to Spot On Chain’s breakdown, a substantial portion of the funds, 7,749 ETH (approximately $13 million), was transferred to the Thorchain router and Railgun contract. These two decentralized finance (DeFi) protocols are known for their privacy-focused features. Additionally, the exploiter executed swap transactions involving 2,500 ETH, equivalent to around $4.19 million. These funds were converted to 153.4 tBTC, an ERC-20 token standard for Bitcoin, with an average price of $27,281.

The exploiter’s activity, as reported by Spot On Chain, highlights their intent to use various platforms and DeFi protocols to potentially obscure their tracks and launder the stolen funds. By utilizing privacy-focused features and converting a portion of the ETH to tBTC, the exploiter aims to make it harder to trace and identify the movement of funds.

Speculations and Motives

The recent movement of funds by the attacker has sparked speculations regarding their motives. One speculation suggests that the exploiter might be anticipating the approval of Ether futures ETFs in the US. The introduction of such investment vehicles could potentially lead to a surge in the price of ETH. In such a scenario, the exploiter could be seeking to dump their tokens, taking advantage of the increased market value.

However, it is important to note that these connections between the movements of the exploiter and the approval of Ether futures ETFs lack substantial evidence. The motivations and actions of the exploiter remain speculative at this point.

Ethereum Price Overview

While the FTX hack and the subsequent movements of stolen funds have captured attention, it is also essential to take note of the broader Ethereum market. The Ethereum price has shown signs of strength as September came to a close, following a somewhat challenging month. Throughout October, Ethereum has experienced a positive start, with a 0.6% increase, approaching the psychological $1,700 level.

Over the past week, the value of ETH has risen by nearly 6%, indicating signs of recovery. Daily trading volume, however, has seen a decline of almost 4%, suggesting a decrease in market activity. Despite these fluctuations, Ethereum remains the second-largest cryptocurrency, with a market capitalization surpassing $200 billion.

ETHUSDT approaching $1,700 mark on the daily timeframe

Source: ETHUSDT chart on TradingView

The Ethereum price overview provides insights into the overall market sentiment surrounding the second-largest cryptocurrency. As the FTX exploiter continues to move stolen funds, it is essential to consider the broader market trends and the potential impact of these activities on the Ethereum ecosystem.

In conclusion, the ongoing movement of stolen funds by the FTX exploiter has certainly brought attention to the current state of the blockchain industry. While the specific motives of the exploiter remain uncertain, the exploitation of DeFi protocols and the deliberate movements of funds suggest a calculated approach to obfuscating the origins of the stolen funds. As the blockchain industry continues to evolve, it is crucial for exchanges and participants to remain vigilant and implement robust security measures to mitigate such exploitations.