Hacker attacks FTX Ethereum, trades 50,000 ETH for Bitcoin

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FTX was hacked some time ago – that much is known. Now the story is unfolding: The FTX hacker has transferred huge sums of stolen funds from ETH to BTC and is now selling Ethereum en masse. This puts the smart contract platform under enormous pressure.

FTX: Hacker trades $50k ETH for BTC

On November 20, the FTX hacker began moving the stolen funds – a total of 50,000 Ethereum (ETH) worth an estimated $60 million.

Notice

The FTX hacker is doing things…
They sent 25k ETH to another wallet and have been actively selling into RenBTC for the past few hours.
They sold another 3k ETH a few minutes ago.
And they have sold 18K ETH ($21.7M) of the 25k so far.
Can’t we chill on Sunday? pic.twitter.com/WLwlU943R9
— Aylo (@alpha_pls) November 20, 2022

In a time window of about four hours, the hacker first moved 5,000 ETH, then twice 10,000 ETH and finally another 25,000 ETH to another wallet.

FTX hacker transfers funds from ETH to renBTC

With 60 million ETH in the new “0x866” wallet, the FTX grower started bridging parts of the 50,000 ETH tokens using RenBridge, the blockchain bridging platform supported by Alameda Research.

The $477 million received by the “FTX drainer” ethereum account is now being filled to Bitcoin, using RenBridge (owned by Alameda!)
$28 million in ETH has been converted to RenBTC so far this morning, and $18 million of that has been converted to BTC.https://t.co/46DhCaX7GQ
— Tom Robinson (@tomrobin) November 20, 2022

The FTX hacker then proceeded to trade most of the 50,000 ETH into renBTC. In total, he was able to exchange 692 renBTC.

Currently (at the time of this writing), the “0x866” wallet contains almost 10 ETH and 0.092 renBTC, which add up to a total value of around $13,000.

Concerns about Ethereum

Concerns about the state of Ethereum are being expressed on Twitter in light of today’s transfer of 50,000 ETH to renBTC. Among others, YCC founder Duo Nine is concerned.

Two #Ethereum It is “better” than BTC, why is this #FTX hacker dump it for #Bitcoin?
Actions speak louder than words and it’s clear that a $250 thousand vote is on #BTC.
Will consider purchase #ETH when it is back at 3 digits. pic.twitter.com/V29apdHC3o
— Duo Nine | discord.gg/ycc (@DU09BTC) November 20, 2022

Afterwards, Duo Nine has some concerns reactions encouraged, which also raises concerns about Ethereum – from regulation by the SEC to centralization to the restricted supply of ETH.

While this is mostly speculation, it also includes Twitter user Oracle’s deep concern that ETH could turn into a “censored” Ethereum blockchain system.

At press time, the daily average of OFAC compliant blocks on the Ethereum blockchain was 78.18% and rising. This speaks for the thesis that it is a question of a centralized system.

The price of Ethereum fell below $1,200 during the day and hit a low of $1,155. That’s an 8% drop in the last 24 hours.

The 61.8% Fib level of the move down from the $1,231 high to the $1,108 low is at $1,180. A clear break above the $1,180 resistance could send the price towards the $1,250 resistance zone. If the bulls remain active and the price settles above $1,250, the price may start a steady climb towards $1,300.

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Text credit: Cryptoslate

Last updated on November 21, 2022