The hacker who hacked the FTX exchange shortly after it declared bankruptcy in November of last year and stole a significant amount of Ethereum has started to shift his ETH and convert it into other digital currencies, according to the @lookonchain account on the X social media programme (formerly marketed as Twitter).
The hacker has already converted 75,636 ETH into tBTC via the Threshold Network and cross-chained them to the Bitcoin network, according to the Lookonchain tracker of “Smart Money” wallets, which was mentioned in the X post. The estimated value of this ETH is around $124 million. According to Lookonchain, the exploiter still has close to 110,000 ETH worth $180 million.
https://x.com/lookonchain/status/1710243736914178198?s=20
The aforementioned hacker ultimately made off with around $500 million worth of cryptocurrency from FTX. The majority of the stolen money were subsequently exchanged for Ethereum, or about 180,000 ETH, according to an earlier Forbes story.
Whales remove astonishing ETH amount from exchanges
A surprising quantity of Ethereum was reportedly shovelled into self-custody wallets two days ago, according to a new report by Santiment on-chain data seller. Since August 21, that was the largest withdrawal from CEXes, according to the Santiment analytics team.
After this, the supply of ETH on exchanges is at its lowest point in more than 5.5 years, while the supply of ETH outside of exchanges has risen to a record high of 115.88 million ETH.
https://x.com/santimentfeed/status/1709743778817540311?s=20
Ethereum, the second-largest cryptocurrency this week, dropped 6.44%, dropping from $1,729 to the $1,618 mark. ETH has now successfully regained the $1,631 price level.
