FTX hacker is now the 35th largest holder of ETH

FTX hacker is now the 35th largest holder of ETH

Last week, the hacker who exploited the now-bankrupt FTX exchange made a fortune that caused Ether ETHticker to lose $1,174 to whale status.

A day after struggling exchange FTX filed for Chapter 11 bankruptcy, more than $663 million worth of various crypto assets were drained from its wallets, according to blockchain intelligence agency Elliptic. Elliptic suspected $477 million of that was stolen, with a large chunk of those tokens later converted into ETH. At the same time, FTX believed it was moving over a hundred tokens worth $186 million to secure storage. Four days later, the attacker was still draining wallets in what analysts dubbed “on-chain spoofing.

According to blockchain security firm Beosin, the attacker has conducted multiple trades and cross-chain transactions over the past day and currently holds around $338 million in crypto assets (as of November 15). According to the wallet address, it contains a whopping 228,523 ETH worth around $288.8 million at current market prices. This makes the account dubbed “FTX Accounts Drainer” the 35th largest Ethereum holder in terms of the amount of ETH held.

According to CoinCarp’s Ethereum Rich List, the top performer is the Beacon Chain Trust Deed, which contains around 15 million ETH. Also, most of the top 20 are crypto exchanges, layer 2 protocols, and Defi (Decentralized Finance) bridges. The top 20 ETH wallets hold 27.7% of the total circulating supply, and the top 50 hold a third of all ETH.

The exploits appeared on both FTX and FTX.US, leading many to speculate that it might be an inside job. Analytics firm Certik’s head of security operations, Hugh Brooks, alluded to evidence on-chain that suggests such a thing. On November 15 that an insider with access to these wallets moving the funds cannot be ruled out unless there is a private key compromise.

The possible market flooding from Ether’s 35th-largest bifurcation has not had an impact on price. According to CoinGecko, at the time of writing, the price of ETH was constant for the day at $1,260. Since the start of the FTX crisis, the asset has lost about 23%.

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