FTX Exploiter Transfers Over $17M in ETH in the Last 24 Hours
In the past 24 hours, an address associated with the FTX exploit, identified as 0x3e9, has moved more than 10,000 Ether (ETH), equivalent to around $17 million, across five different addresses. This information comes from Spot On Chain, which also noted that these addresses had been dormant for several months before this recent activity.
Out of the total, a significant portion of the transfers, approximately 7,749 ETH worth $13 million, was sent to the THORChain router and Railgun contract. Another transaction involved swapping 2,500 ETH, valued at about $4.19 million, into 153.4 tBTC at an average price of $27,281 per token.
It’s worth mentioning that during the initial hack on September 30, almost 50,000 ETH was lost.
The timing of this exploit is noteworthy as the market eagerly awaits the launch of Ethereum futures ETFs on October 2. Additionally, the trial of FTX co-founder Sam Bankman-Fried is set to commence in October as well.
FTX Co-founder’s Trial and Charges
Sam Bankman-Fried’s trial is expected to span six weeks, starting with jury selection on October 3 and initial court proceedings on October 4. Bankman-Fried is facing a total of seven charges related to fraudulent activities, consisting of two substantive charges and five conspiracy charges.
Despite pleading not guilty to all allegations, Bankman-Fried has been held in custody and his recent request for release was denied by Judge Lewis Kaplan due to concerns about the risk of him fleeing.
Trust in Crypto Exchanges
This incident raises questions about the trustworthiness of crypto exchanges, especially in the wake of the FTX collapse. It is crucial for investors and users to carefully evaluate the security measures and track records of exchanges before engaging in any transactions.
In the fast-paced world of cryptocurrencies, security remains a top concern. The recent exploit on FTX resulting in the movement of over $17 million in Ethereum highlights the ongoing challenges faced by the industry. It is essential for users to stay informed and follow the latest developments to protect their investments. For the latest news and updates on the crypto market, visit Uber Crypto News.