“Funds stolen from FTX” on the move: A dump will have this effect on ETH

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  • Accord­ing to recent reports, the FTX hack­er has moved the stolen funds to pre­pare for a dump
  • Some assets were stolen, while oth­ers were trans­ferred to the Bahamas Secu­ri­ties Commission

Accord­ing to a tweet pub­lished by Chainal­y­sis on 20 Novem­ber, the stolen assets from the FTX cryp­tocur­ren­cy exchange have been changed from ETH to BTC. Data from ether­scan revealed that the trans­ac­tion orig­i­nat­ed from the address asso­ci­at­ed with the sus­pect­ed hacker. 

Accord­ing to recent reports, the stolen FTX funds appeared to be in motion and ready to be dumped. 

 

Clarity on stolen and transferred FTX funds

The news that 228,523 ETH had been stolen from the FTX exchange came out as the con­tentious exchange was fil­ing for bank­rupt­cy. The per­son cur­rent­ly in pos­ses­sion of the tokens has become part of the top ten ETH hold­ers in the world, as the assets’ val­ue stood at over $260 mil­lion at the time of writing. 

Chainal­y­sis also cleared up any uncer­tain­ty regard­ing the own­er­ship of the assets, claim­ing that some were stolen while oth­ers were sent to the Bahamas Secu­ri­ties Commission.

How did the hacker distribute the money?

Two wal­lets, one on Solana and one on Ethereum, each received a piece of the stolen FTX cash. Accord­ing to blockchain explor­ers for Avalanche, Binance Smart Chain, and Poly­gon, some assets were even­tu­al­ly bridged to these net­works. There were rough­ly $238 mil­lion and $14 mil­lion ETH and Pax Gold (PAXG) tokens in the Ethereum wal­let asso­ci­at­ed with FTX’s lost funds. In addi­tion, it had a bal­ance of twen­ty dif­fer­ent cryp­tocur­ren­cies, all of which were less than $100.

Can an FTX dump impact prices?

Although the hack­er was now the largest hold­er of ETH, the attempt­ed dump was unlike­ly to have a sig­nif­i­cant effect on the altcoin’s price. The rea­son being that the cur­rent mar­ket cap of ETH was above $130 bil­lion as of this writ­ing, accord­ing to data from Coinmarketcap.

On 20 Novem­ber, FTX sent out a tweet ask­ing oth­er exchanges to stop facil­i­tat­ing the move­ment of funds from FTX through their plat­forms. The trou­bled exchange said it had dis­cov­ered that funds were being rout­ed through third-par­ty wal­lets. How­ev­er, it must be not­ed that FTX did not label these funds as stolen.

The new CEO of FTX Group, John J. Ray III, has been work­ing hard to right the ship after being blunt about the extent of the pre­vi­ous leadership’s mis­man­age­ment. The ship is being repaired, but every time he makes some progress, anoth­er blow threat­ens to blow the ship out of the water.



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