FTX Hack Wallet Reactivates amid Ethereum-based ETF Launch and Potential US Shutdown Threat
Summary:
The digital wallet associated with the $600 million FTX theft last year signaled recent activity, with the suspect moving $4.2 million in ETH tokens. This development comes just as various Ethereum-based ETFs are set to launch in the U.S. While these actions typically cause a dip in market value, the introduction of Ethereum-based ETFs may counteract this effect and potentially lead to a surge in ETH prices. Simultaneously, the impending threat of a U.S. government shutdown could impact Bitcoin prices due to potential negative influences on the banking industry.
The digital wallet associated with last year's $600 million FTX token theft, identified as 0x3e957, demonstrated some unexpected activity this past Saturday, Sept. 30, 2023. This development coincides closely with the rollout of a US Ethereum-based ETF. Spotonchain, an on-chain data source, revealed that the perpetrator of the FTX theft has resurfaced, moving assets within their wallet after a lengthy period of inactivity. Currently, the wallet holds a considerable total of $16.75 million in ETH tokens.
FTX Cybercriminal 0x3e957 moved 2,500 $ETH ($4.2M) to fresh locations, marking the wallet's first activity since the heist nearly a year ago. Currently, there's still a reserve of 12.5K $ETH in this wallet. Keep an eye on their upcoming moves via our platform at https://t.co/7LnmryLvhL pic.twitter.com/yl2NnMwaqW— Spot On Chain (@spotonchain) September 30, 2023
Analysis of the data reveals two transactions in which the thief transferred 2,500 ETH, worth $4 million each, out of their wallet. Such movements usually hint at selling plans which might depress the market value and impact smaller investors. However, with the upcoming launch of several Ethereum ETFs in the US, the ETH price could soon recover and gain momentum.
A number of companies will initiate their Ethereum-based ETFs on October 2, 2023, which could have a major influence on the ETH price. If the US Securities and Exchange Commission (SEC) grants expedited approval for up to nine ETF offerings as intended, it might drive significant change in the market.
At the same time, there exists an impending threat of a US government shutdown which may pose a risk to Bitcoin (BTC) prices because of potential negative impacts on the banking industry.
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Published At
9/30/2023 10:38:45 AM
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