FTX Exploiter Address is Now The 35th Largest ETH Holder



The crypto industry has just experienced the most shocking insolvency of a custodian since Mt. Gox with the stunning collapse of FTX. The exchange was also hit by a $600 million exploit over the weekend. The mysterious hacker behind it is now the 35th richest ETH holder.

  • Several addresses tied to the FTX accounts drainer moved more than 21,555 ETH worth, or over $27 million, to a single address which was then converted to DAI on the swapping service CowSwap.
  • PeckShield revealed that the addresses raked in over $48 million of DAI and swapped the funds into 37,000 ETH.
  • Data also suggest that the account drainer currently holds over 288,000 ETH, thereby making it the 35th-largest holder of the crypto-asset.
  • Another blockchain analytics firm Certikrevealed that the funds from the wallets associated with the FTX and FTX.US are still being drained.
  • Popular crypto analyst – ZachXBT – has now claimed the recent transfer of funds could, in fact, be on-chain token spoofing while adding that Etherscan transfer logs can be spoofed.
  • Meanwhile, the exploiter also converted 7,420 BNB, which are valued at more than $2 million, to 1,500 ETH with the help of PancakeSwap and later bridged the converted ETH to the Ethereum network.
  • Crypto assets from both FTX global and FTX.US were drained right after the former filed for bankruptcy.
  • Since these two entities describe themselves as being completely independent, their hacks occurred around the same time, raising suspicions that the entire event was carried out by an insider.
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