Crypto Hacker Exploits FTX Exchange Again, Moving Millions in ETH

Crypto Hacker Exploits FTX Exchange Again, Moving Millions in ETH

In a shocking turn of events, the notorious FTX exploiter has resurfaced after being dormant for ten long months. Recent on-chain data reveals that an address associated with the exploiter became active, and in the past 24 hours alone, over $17 million worth of Ether tokens have been moved. This comes as a continuation of one of the biggest hacks in the crypto space, where the now-defunct FTX exchange was targeted just hours after declaring bankruptcy, resulting in a staggering loss of more than $600 million.

The transferred funds amount to a total of 10,250 ETH, equivalent to roughly $17.2 million, which have now been spread across five different addresses. Notably, Spot On Chain, a blockchain data tracker, highlights that a significant portion of the funds, specifically 7,749 ETH (approximately $13 million), was moved to the Thorchain router and Railgun contract. These decentralized finance (DeFi) protocols are well-known for their privacy-focused features. Additionally, in the past 24 hours, the exploiter executed swap transactions involving 2,500 ETH, converting them to 153.4 tBTC (an ERC-20 token standard for Bitcoin) at an average price of $27,281.

The recent movement of funds by the exploiter is believed to be influenced by the potential approval of Ether futures exchange-traded funds (ETFs) in the United States. Although no concrete evidence supports this connection, there is speculation that the exploiter may be looking to sell their tokens if the price of ETH rallies following the greenlighting of futures ETFs. As a result, many observers will likely monitor the address closely, especially since Spot On Chain suggests that the exploiter may continue transferring ETH.

Despite the ongoing exploits and uncertainty surrounding the FTX hack, Ethereum has displayed resilience. The cryptocurrency ended September on a positive note after struggling for most of the month. It has made a strong start to October, with a 0.6% increase in the past day, approaching the psychological level of $1,700. Over the past week, ETH has experienced a nearly 6% rise, indicating signs of recovery. However, daily trading volume on the Ethereum network has declined by almost 4%, reflecting a recent fall in market activity. Nonetheless, Ethereum remains the second-largest cryptocurrency by market capitalization, surpassing $200 billion.

The actions of the FTX exploiter have caught the attention of the crypto community, and the possibility of further exploits and token transfers looms large. As the market awaits the potential approval of Ether futures ETFs, the exploiters’ motivations and strategies will continue to be closely monitored. The crypto space remains on high alert as security measures and regulations are scrutinized to prevent similar incidents in the future. With Ethereum showing signs of recovery and the market capitalization of cryptocurrencies crossing new milestones, the industry must remain vigilant to ensure a secure and prosperous future for all participants.

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