Ethereum News

FTX Exploiter swaps 50K ETH to BTC swap sparking concern for Ethereum as ETH dips 3%

Haru Invest

On Nov. 20, the FTX Exploiter account began to start shifting the stolen funds once again — totaling 50,000 Ethereum (ETH) valued at an estimated $60 million.

Spread roughly across a four-hour window, the hacker first shifted 5000 ETH, then 10,000 ETH twice, and then finally a further 25,000 ETH to another wallet.

ftx expoliter
Source: Arkham Intelligence

Funds bridged from ETH to renBTC

With $60 million in ETH on the new ‘0x866’ wallet, the FTX Exploiter then began bridging portions of the 50,000 ETH using RenBridge, the blockchain bridging platform backed by Alameda Research.

The FTX Exploiter continued to swap the majority of the 50,000 ETH into renBTC and bridged a total of 692 renBTC.

Currently, at press time, the ‘0x866’ wallet holds almost 10 ETH and 0.092 renBTC which combine for a total value of around $13,000.

Concerns surrounding Ethereum

In light of the 50,000 ETH to renBTC bridging event today, concerns have begun to resonate on Twitter regarding the state of Ethereum, as seen below — explained by the founder of YCC, Duo Nine.

The concern…

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