FTX Hack Related Wallet Moves $38M Worth of Ethereum

By: Isha Das

A wallet associated with the previous FTX exchange hack has reportedly moved approximately $38 million in Ethereum (ETH) recently. The activity was observed using on-chain data and seems to coincide with the upcoming commencement of Sam Bankman-Fried's trial. The wallet first became active on September 30, moving 6,250 ETH, equivalent to roughly $10.46 million. All the transactions were conducted via privacy tools like RailGun and THORChain.

Further transactions were recorded from the same wallet on October 1 totaling about 12,250 ETH which were also moved via THORChain. The total volume moved amounted to 22,500 ETH, valued at $38 million.This represents the first movement from this wallet since its initial hack.

According to reports, the exploit of FTX resulted in the loss of roughly $400 million. The incident did raise speculation regarding an inside job happening since the identity of the hacker remains unknown. Currently, the mounting transactions from the hacker's wallet have raised concerns among community members, potentially pressurizing market prices.

Despite the numerous transactions, the wallet still holds significant digital assets worth about $287 million. These include 163,249 units of ETH and 3.9 million USDT. With the wallet still active, many wonder about the potential impact on the trading of ETH.