Ethereum Tanks After FTX Hacker Dumps Millions of ETH

Ethereum tanks after FTX “hacker” dumps millions of ETH!

This Sunday, Ethereum experienced a sudden big dip in its trading prices after the community saw the reported FTX ‘hacker’ begin to make moves in ana attempt to liquidate their stolen Eth.

Hacker Moving ETH

On Nov. 20, the person behind the $600 million exploit of crypto exchange FTX earlier this month was seen to have started moving the assets that they had stolen.

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Within a day, the hacker had managed to convert a large amount of ETH to renBTC, with reportedly more than 31,000 ETH having been converted so far.

Because of these events, Ethereum has seen its price sink by 8% within the past 24 hours. ETH’s sharp drop in price from trading at a price of ~$1,219 in early Sunday morning to now $1,134 at the time of writing.

Who Is This Hacker?

With this hacker having exploited FTX’s funds at such a time when the exchange was most vulnerable, many in the community have brought up the question of who this hacker could possibly be.

In fact, many in the crypto community have even voiced their opinions on theories, claiming that this supposed “hacker” could possibly be the Bahamas government or possibly even FTX’s former CEO Sam Bankman-Fried himself.

However, with no confirmation or denial from either the Bahamas government or SBF himself, it’s difficult for these theories to be proven.

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