The FTX Hacker Converts Stolen ETH: Here’s What You Need to Know
FTX Hacker on the Move
The hacker who targeted FTX, a cryptocurrency exchange, after it filed for bankruptcy last year, has started converting the stolen Ethereum (ETH) into other digital currencies. According to the Lookonchain tracker, the hacker has already converted 75,636 ETH into tBTC using the Threshold Network, and then cross-chained them to another network. This stolen ETH is valued at around $124 million. However, the hacker still possesses approximately 110,000 ETH, worth $180 million.
Hacker’s Massive Crypto Haul
The hacker managed to steal nearly $500 million worth of cryptocurrency from FTX. The majority of these stolen coins, approximately 180,000 ETH, were swapped for Ethereum, as reported earlier.
Whales Move ETH out of Exchanges
A recent report by Santiment, an on-chain data vendor, revealed that a significant amount of ETH, equivalent to 110,000 ETH worth $181 million, was transferred from crypto exchanges to self-custody wallets. This was the largest outflow from centralized exchanges since August 21. As a result, the ETH supply on exchanges has reached its lowest point in over 5.5 years, while the non-exchange ETH supply has reached a historic peak of 115.88 million ETH.
Ethereum’s Price Fluctuations
This week, Ethereum experienced a 6.44% decrease in value, falling from $1,729 to $1,618. However, it has since recovered to reach a price of $1,631.
This article provides an overview of the FTX hacker’s activities and the movement of stolen ETH. The hacker has been converting ETH into other digital currencies, while whales have been moving large amounts of ETH out of exchanges. These events have had an impact on the supply and price of Ethereum. Stay tuned for further updates on this ongoing story.