Analysis of a mysterious account linked to major crypto events raises questions about their true intentions. Mysterious whale ‘0xd275e’ FTX crash is linked to Tether de-peg and recent $75M token transfers.
Suspicious whale moves $75 million tokens to exchanges
The recent on-chain event featuring the ‘0xd275e’ Ethereum address has caught the attention of the crypto community. As a result of the on-chain analysis of the experts, no concrete evidence pointing to the owner of the account was found. However, they revealed that the account was actively trading large amounts during key industry events. The whale account was spotted in on-chain analysis of the FTX crash, Tether de-peg, and now $75 million returning to crypto exchanges.
According to a tweet from Spot On Chain, the address deposited 1,140 WBTC ($32.89M) on Bitfinex and 15,000 ETH ($27.17M) on Binance, Coinbase and Kraken in 1.5 hours on June 21. . Spot On Chain has found that this address is actively transferring significant amounts of cryptocurrencies between major exchanges, potentially pointing to manipulation activities given its dark history.
Experts examined the last ‘0xd275e’ transactions on Etherscan. As a result, it has found a number of transactions in the last 24 hours, including withdrawals, transfers, and refunds. These transactions include Aave interest-bearing Wrapped Ether (WETH), Wrapped Bitcoin (WBTC), and USD Coin (USDC). It also confirms the active participation of this address in the DeFi ecosystem. However, according to Noah_nftn, this address was also included in previous industry analyzes. In November 2022, the account claimed that former FTX employees disclosed that ‘0xd275e’ was involved in the misuse of client funds. The diagram below shows the account at the center of several major transactions between Aave, Bitfinex, Binance, Lido, Genesis Trading and FTX.
The role of the whale in the tether de-peg process
Recently, this account has also been at the center of the short USDT de-peg. Tether CTO Paolo Ardoino described it as a “good stress test” for the company. On June 19, Spot On Chain claimed that the address “seems to be selling ETH and paying back the debt on Aave.” He also suggested that ‘0xd275e’ borrowed 50 million USDC from Aave after USDT depreciated. In addition, he stated that he started buying USDT for arbitrage. Finally, he suggested that it plays a potential role in recovering the USDT fixed.
Lookonchain previously claimed that ‘0xd275e’ could be related to Tether or FTX Accounts Drainer. He also suggested that this would have significant impacts on the industry. On June 15, he questioned whether the account belonged to Tether, while also suggesting that in November 2022, ‘0xd275’ could belong to FTX Co-Founder Sam Bankman-Fried. Meanwhile, Bitfinex and Tether have not yet made a statement regarding ‘0xd275’. There is only $827 USDT in the account as of press time.
Link to FTX hack event
cryptocoin.comAs you followed by Lookonchain, in its analysis of the FTX hack that occurred after filing for bankruptcy in November, it revealed that the address ‘0xd275e’ was involved in large-scale transfers of ETH and USDC while the FTX exchange suspended user withdrawals. Also, Lookonchain noted the interesting timing of trading activity between ‘0xd275e’ and FTX Accounts Drainer. Along these lines, he pointed to a possible link. But he stressed that this remains speculative.
The nature of the relationship between ‘0xd275e’ and the FTX Accounts Drainer and the identity of the FTX Accounts Drainer are still a mystery. Hence, ‘0xd275e’ has generated significant interest within the crypto community. However, there is currently no concrete evidence to support allegations of misuse of client funds or affiliation with Tether or FTX Accounts Drainer. So, the user of the account remains a mystery. However, the wallet itself has been at the center of some of the most high-profile crypto events of the past nine months.
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