Renowned blockchain analyst firm, PeckShield, has released an informative report detailing the latest cryptocurrency theft incident involving the beleaguered FTX exchange. In this recent episode, the audacious FTX hacker executed a transaction involving a substantial sum of cryptocurrency, totaling approximately 288.8 Bitcoin, with a market value of nearly $10 million.
Recalling the Total Cryptocurrency Theft from FTX
The tumultuous downfall of the FTX cryptocurrency trading behemoth, which occurred nearly a year ago in early November, was marked by the nefarious exploits of an enigmatic hacker. This malefactor managed to abscond with a staggering $500 million worth of various cryptocurrencies. What set this heist apart was the hacker’s savvy decision to convert the majority of the stolen digital assets into Ethereum, amassing an impressive haul of 180,000 ETH. The ill-gotten ETH was subsequently dispersed across a dozen different addresses, constituting an estimated fiat value of almost $200 million at the time.
The Hacker’s Ascendance as Ethereum’s Dominant Holder
Swiftly following this audacious maneuver, the hacker laid claim to the title of the largest holder of Ethereum, the second most popular cryptocurrency in the world. As November unfolded, the hacker further bewildered the crypto community by transferring 50,000 ETH to another wallet and subsequently converting it into Ren Bitcoin (RenBTC), an Ethereum-based version of the illustrious Bitcoin.
Recent Attempts to Swap the Stolen ETH
Recent developments have showcased the hacker’s persistent efforts to capitalize on the stolen ETH. In early October, the malicious actor initiated a transfer of 75,636 ETH with the intention of swapping it for tBTC using the ThorSwap DeFi platform. In response to this activity, the platform decided to take a defensive stance by suspending operations and entering maintenance mode, thus preventing the hacker from liquidating the purloined assets.
The Hacker’s Shift to Threshold Network
Unperturbed by the thwarted ThorSwap endeavor, the hacker ingeniously turned to Threshold Network to execute a cross-chain operation, transitioning the ETH into the Bitcoin network. At this juncture, the hacker still retained possession of approximately 110,000 ETH, valued at an impressive $180 million.
Notable Remarks by Bitcoin Maximalist Max Keiser
The suspension of ThorSwap by the hacker led to intriguing commentary from Bitcoin maximalist Max Keiser. Keiser seized the opportunity to criticize the DeFi sector for its perceived centralization, contrasting it with the decentralization principles championed by Bitcoin.
Large-Scale ETH Transfers to Prominent U.S. Exchanges
Adding another layer of complexity to the unfolding narrative, the crypto tracking platform, Whale Alert, disclosed data illustrating the active disposition of substantial volumes of Ethereum by crypto traders.
In a recent development, four consecutive transactions involving 21,852 ETH, as well as three transfers of 50,000 ETH each, were observed. These transactions were directed toward prominent U.S.-based cryptocurrency trading platforms, including Coinbase and Kraken.
Ethereum’s Market Performance
The timing of these events coincides with Ethereum‘s impressive price performance, with the cryptocurrency experiencing a notable 18.14% increase in value over the course of a week, spanning from October 20 to October 26.
Ethereum reached a local high of $1,848, closely following the surge of Bitcoin beyond the $34,000 threshold. Despite a modest 2.84% dip in the past week, Ethereum continues to maintain a price point above $1,800 at the time of this report.