FTX Exploit Linked Account Moves $17.1M in Ethereum as Co-founder Faces Trial
Summary:
Spot On Chain has reported that an account linked to the FTX exploit conducted transactions worth over $17.1 million across five addresses. This active account is predicted to continue moving Ethereum, likely to Thorchain. These activities have negatively impacted Ethereum's price amid the upcoming launch of Ethereum futures ETFs. Meanwhile, FTX co-founder Sam Bankman-Fried is set to face trial, related to fraudulent activities, starting from October.
Spot On Chain recently revealed that an account affiliated with the FTX exploit, known as 0x3e9, has performed transactions amassing more than 10,000 ETH or over $17.1 million. These transactions were carried out across five different accounts within the previous day, addressing accounts that had been dormant for many months. Of these transactions, almost 7,749 ETH or around $13 million was sent to the Thorchain router and Railgun contract. There was an additional swap transaction of 2,500 ETH or $4.19 million, which was traded for 153.4 tBTC at an average rate of $27,281 per token. It is predicted that this reactivated address will continue to keep moving ETH, probably to Thorchain.
The initial breach that happened on Saturday, September 30th, led to a loss of around 50,000 ETH.This happened not long before the anticipated criminal trial of SBF in October 2023. According to reports, FTX Exploiter 0x3e9 has transferred a total of 10,250 ETH or $17.1 million through five accounts in the last 24 hours. The source of this news was spotted on online platforms.
These events have caused the price of ETH to undergo a perceptible downward move, maintaining slightly above the mark of $1,650. This is due to the market getting ready for the launch of Ethereum futures ETFs on October 2. Sam Bankman-Fried, more commonly addressed as SBF and co-founder of FTX, is slated for trial in October. This trial follows his arrest in The Bahamas and he was later extradited to the United States. Since then, some months have passed.
The trial is estimated to go on for six weeks, kicking off with the jury selection on October 3 and the initial court session slated for October 4. Bankman-Fried has been accused of fraudulent activities which include a total of seven charges - two tasks of substance and five conspiracies. The FTX Founder has ongoingly pleaded not guilty to the accusations. Despite several requests for temporary release, he remains at the Metropolitan Detention Center. His latest plea for release was refused by Judge Lewis Kaplan due to flight risk concern.
Published At
10/1/2023 9:14:39 AM
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