FTX Hacker Becomes 35th Largest Holder of Ethereum After Panic Purchasing Approx. $50M of $ETH

FTX Hacker Becomes 35th Largest Holder of Ethereum After Panic Purchasing Approx. M of $ETH
  • The FTX hacker reportedly traded around $50 million from $Dai to $Ethereum in a state of “panic,” according to Arkham intelligence agency. 
  • This hack is rumored to be an inside job, and Kraken CEO Nick Percoco confirms they know the attacker’s identity. 
  • According to security firm Hacken, to exploit FTX’s cold storage wallets, the hacker needed to have access to private keys. 
  • $20 million worth of PAXG frozen at all four attacker addresses.

The address associated with the FTX hack has reportedly traded around $48,265,787 of the $Dai stablecoin for 36,567 Ethereum, making the address the 35th largest holder of the world’s second-largest crypto by market cap. FTX hacker’s average ETH purchase price is $1,284.79, according to LookOnChain data.

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According to intelligence agency Arkham, the FTX hacker appears to be panicking after losing many of his tokens due to a slip and being blocklisted at four different addresses. $20 million worth of PAXG was frozen at the attacker’s four PAXG-containing addresses. The FTX hacker reportedly stole around $477 million from bankrupt exchange FTX shortly after the exchange filed for Chapter 11 bankruptcy on Friday.

Was this an Inside Job?

Little is known about this hack, but many believe it must be an inside job. The hack began when FTX officials tweeted about the Chapter 11 bankruptcy filing. The CEO of security firm Hacken told Coindesk on Tuesday that FTX Hacker had access to all wallets exploited by FTX. Private keys are usually required for this type of access. After the blockchain transaction, the user incorrectly identified himself while using the Kraken exchange.

“We know the identity of the user”, Kraken CEO Nick Percoco announced on November 12 via Twitter. The identity has yet to be published.

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