In a surprising turn of events, the FTX exploiter, whose address has been inactive for the past 10 months, has suddenly become active, moving over $17 million worth of Ether tokens in the past 24 hours. This comes as a shock to the crypto community, particularly because the FTX exchange had fallen victim to a hack just hours after declaring bankruptcy and lost more than $600 million. In this article, we will delve into the details of this exploit and explore possible reasons behind the sudden movement of funds.
The exploiter, identified as 0x3e9, has executed a series of transactions transferring a total of 10,250 ETH (approximately $17.2 million) across five addresses. Notably, a significant portion of these funds, 7,749 ETH (equivalent to around $13 million), was moved to the Thorchain router and Railgun contract. These decentralized finance (DeFi) protocols are well-known for their privacy-focused features, providing the exploiter with a means to further obfuscate their transactions.
A Possible Motive
While the exact motive behind the exploiter’s recent actions remains speculative, some believe that it may be linked to the potential approval of Ether futures ETFs in the United States. If these ETFs are given the green light, it is anticipated that the price of ETH will rally. As a result, the exploiter might be looking to dump their tokens at a higher price, maximizing their profits. However, it should be noted that there is currently no substantial evidence to support this theory.
The Ethereum market has shown signs of strength towards the end of September, with the cryptocurrency experiencing a positive start to October. It has approached the psychological $1,700 level, recording a 0.6% rise in the past day. Over the past week, the value of ETH has surged by nearly 6%, indicating a promising recovery. Nevertheless, there has been a recent decline in daily trading volume, suggesting a decrease in market activity. Despite this, Ethereum remains the second-largest cryptocurrency, boasting a market cap of over $200 billion.
Following the recent movements of the exploiter, many will keep a close eye on the address to observe any further activity. Spot On Chain, a blockchain data tracker, has even suggested that the exploiter may continue to transfer ETH. This ongoing surveillance is crucial to gain insights into the intentions and strategies of the exploiter, as well as to identify any potential patterns or correlations with market events.
The sudden resurgence of the FTX exploiter after 10 months of inactivity has shocked the crypto community. With over $17 million worth of Ether tokens moved within 24 hours, the exploiter’s motives and next steps remain uncertain. While some speculate that the movements are linked to the potential approval of Ether futures ETFs, others emphasize the need for continued surveillance to better understand the exploiter’s actions. As the Ethereum market shows signs of recovery, it is crucial for stakeholders and investors to stay vigilant and analyze any developments regarding the exploiter’s activities.
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