The crash of cryptocurrency exchange FTX last week shook the market. The traces of the collapse continue to be seen in the crypto money market. In addition to bankruptcy, FTX also comes to the fore with hacking news. The person or people who hacked FTX continue to move the funds on the exchange. One cryptocurrency in particular has been the subject of hackers’ accumulation. Here are the details…
FTX hacker focuses on Ethereum
cryptocoin.com As we reported, FTX filed for bankruptcy last Friday. On the day of filing for bankruptcy, on-chain researchers found that funds in FTX were moving. Then, the exchange officials stated that the platform was hacked and that users should not enter the exchange’s website or download the application. Since then, the hacker continues to transfer funds to multiple wallets.
The FTX hacker, who stole $ 600 million in assets from the bora, seems to be selling the other assets he stole and turning them into Ethereum (ETH). Many point to the possibility that this could be a cause for concern for Ethereum investors. Because if the hacker sells the Ethereums in his hands, the coin may be under selling pressure. Cryptocurrency analyst Dylan LeClair used the following statements:
The FTX hacker, who disposed of all other assets for Ethereum, is currently one of the largest ETH holders in the world, with 228,523 ETH ($284.8 million) in his wallet. Everyone should follow very closely what happens next…
Hacker’s wallet consists of 95 percent ETH, 5 percent PAXG
The address of the FTX hacker converted all other assets like PAXG, DAI to Ethereum after many transactions. As of now, the majority, or even 95 percent, of assets are in Ethereum. A very small percentage, 5% is at PAXG. As it is known, PAXG is a gold-pegged stablecoin. PAXG froze PAXG accounts in line with the order from the authorities. On chain data provider Santiment used the following statements:
This FTX hacker address received funding from over 100 different addresses, with a total of 100,614 ETH from the largest address 0x9008d19f58aabd9ed0d60971565aa8510560ab41.
ETH in the hands of whales is falling
Another cautious signal for Ethereum investors is that ETH whale holdings are on the decline. Supply among the largest whale addresses slumped to a nine-month low. On chain data provider Santiment used the following statements:
Ethereum’s 100,000+ ETH addresses have drastically reduced their aggregate holdings since Nov. This blue line, most likely related to the FTX hacker address, is somewhat related to the price. But this can be abnormal under unique circumstances.
As the FTX crisis unfolded, Ethereum (ETH) corrected more than 25 percent last week. Along with other cryptocurrencies, it has already faced a major blow. According to investors in the market, if the coin suffers another big drop, it is possible for ETH to drop to $ 1,000. At the time of writing, the leading altcoin is valued at $1,248.
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