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FTX Hacker Has Become the Ethereum Whale

The alleged perpetrator who stole $477 million in various crypto assets from the bankrupt exchange FTX has become the 35th largest ETH holder 

FTX hacker Ethereum

FTX Hacker Has Become the Ethereum Whale. Source: pixabay.com

As reported by Cointelegraph, FTX exploiter has exchanged stolen crypto funds for an estimated $288 million worth of Ether at current market prices. Their crypto wallet is now among the largest Ethereum holders, known as «whales». 

We have previously reported that blockchain intelligence company Elliptic has registered about $663 million missing from FTX wallets. Although $186 million worth of tokens was allegedly moved into secure storage by FTX itself, the rest was apparently lost in a hack event. Moreover, the attacker has continued to drain FTX wallets for a few days after the registered incident in what analysts call “on-chain spoofing.”

The blockchain security firm Beosin concluded that the attacker has made multiple swaps and cross-chain transactions over the past day. The reform, the hacker currently holds around $338 million in crypto assets. 

Among those assets, there are 228,523 ETH, worth around $288.8 million at current market prices. A criminal becoming a whale is dangerous for the Ethereum ecosystem too since the top 50 ETH wallets hold a third of all existing ETH. However, so far Ether prices have not been impacted.

The registered exploits occurred on both FTX and FTX.US. That’s why many crypto fans assumed it could have been an inside job or a private key compromise. 

SEE ALSO:

Fresh Scandals Surround FTX Bankruptcy: Fraud and Hacks are Among Them

Exchange Outflows are Reaching Historic Highs as Bitcoin Investors Turn to Self-Custody

Crypto Market Cap Drops to $850B, Keeps Falling

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.