This Event Triggered The Recent Sudden Drop In Ethereum (ETH) Price!

After the FTX hack, this is cryptocurrency altcoins discharged from the stock market to Ethereum days after it was converted, the hacker behind the attack is now converting his assets to Bitcoin, increasing the pressure on the ETH price.

According to blockchain tracker PeckShieldAlert, earlier on Sunday, the attacker traded approximately 5,000 Ethereums for 347 renBTC. renBTC is a type of Wrapped Bitcoin on the Ethereum network that can be exchanged for real BTC.

FTX Hacker Sold Nearly 45,000 Ethereums Today

After that, the hacker bought 344.53 renBTC for roughly the same ETH this time.

The attacker then began to bridge the newly exchanged renBTC out of Ethereum via Ren’s BTC Gateway. So the hacker started to move his assets from the Ethereum blockchain to the real BTC side.

At the time of this writing, the FTX hacker has sold a total of 45,000 Ethereum tokens so far today.

Chart showing the sudden drop in ETH price.

The relentless sales from the FTX hacker put downward pressure on the ETH price, which has fallen almost 5% since the start of the sales. Ether declined below $1,200 and is currently trading around $1,170.

Despite heavy sales, the wallet labeled as “FTX Accounts Drainer” on Etherscan remains the 37th largest holder of ETH after being in the top 30 before the sale began. The drop came after nearly 50,000 ETH transfers to a wallet that started with the ETH-renBTC exchange 0x866E.

The identity of the attacker who dried FTX is unknown. Some argue that it is a hacker, while others claim that someone inside the bankrupt cryptocurrency company FTX drained the funds.

*Not investment advice.

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