A recent report from Spot On Chain has revealed that the FTX exploit, identified as 0x3e9, has transferred more than 10,000 Ether (ETH) worth approximately $17 million to five different addresses since September 30. These addresses had been inactive for several months prior to the recent activity.
A significant portion of the transferred ETH, amounting to about 7,749 ETH worth $13 million, was sent to the THORChain router and Railgun contract. In addition, the exploiter conducted a swap involving 2,500 ETH worth around $4.19 million, converting it into 153.4 tBTC with an average price of $27,281 per token.
It is worth noting that this activity comes in the wake of the hack on Saturday, September 30, which resulted in the loss of nearly 50,000 ETH. The timing of this exploit is significant as the market eagerly awaits the launch of Ethereum futures ETFs on Monday, October 2.
Furthermore, the trial of FTX co-founder Sam Bankman-Fried is set to commence in October. The trial is expected to last six weeks, starting with jury selection on October 3, followed by initial court proceedings on October 4. Bankman-Fried is facing seven charges related to fraudulent activities, including two substantive charges and five conspiracy charges.
Bankman-Fried has pleaded not guilty to all allegations, and despite multiple attempts to secure temporary release, he remains in custody. His most recent request for release was denied by Judge Lewis Kaplan, who expressed concerns about the possibility of him fleeing.
The FTX hack and the upcoming trial have raised questions about the trustworthiness of crypto exchanges. As investors eagerly await the launch of Ethereum futures ETFs, the security and stability of these platforms are crucial for maintaining confidence in the market.
In conclusion, the FTX exploit continues to make headlines as recent transfers of large amounts of ETH are discovered. The hack coincides with the eagerly anticipated launch of Ethereum futures ETFs and the upcoming trial of FTX co-founder Sam Bankman-Fried, adding to the scrutiny surrounding the crypto industry’s trustworthiness.
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