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.
The FTX hacker address (0x59…d32b) is converting a large amount of ETH into BTC. Today, about 30,000 ETH has been exchanged into RenBTC, and 1070 BTC has been transferred to the BTC network.https://t.co/rSlTDX9BPl
— Wu Blockchain (@WuBlockchain) November 20, 2022
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.
The FTX hacker can't withdraw $270M in ETH without being tracked so what does he do?
Dumps it on an illiquid day (Sunday) into a pool with low liquidity (renBTC) while max shorting ETH with private accounts.
Next he'll probably dump the renBTC while max shorting BTC.
— Forrest (@0xStacker) November 20, 2022
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.
🚨Just woke up to the FTX hacker dumping ETH
But didn't Reuters report that the 'hack' was actually the Bahamas SEC?
Are the Bahamian regulators dumping the ETH or is there confusion on who the hell the hacker is?
— Mario Nawfal (@MarioNawfal) November 20, 2022
However, with no confirmation or denial from either the Bahamas government or SBF himself, it’s difficult for these theories to be proven.