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.
The FTX hacker is doing things…
They sent 25k ETH to another wallet and have been actively selling into RenBTC over the last few hours.
They sold another 3k ETH a few minutes ago.
And have sold 18K ETH ($21.7M) of the 25k so far.
Can’t we just chill on a Sunday? pic.twitter.com/WLwlU943R9
— Aylo (@alpha_pls) November 20, 2022
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.
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 $477 million received by the “FTX drainer” ethereum account is now being bridged to Bitcoin, using RenBridge (owned by Alameda!)
$28 million in ETH has been converted to RenBTC so far this morning, of which $18 million has been bridged to BTC.https://t.co/46DhCaX7GQ— Tom Robinson (@tomrobin) November 20, 2022
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.
If #Ethereum is “better” than BTC, why is this #FTX hacker dumping it for #Bitcoin?
Actions speak louder than words and this is a clear $250 mil vote on #BTC.
Will consider buying #ETH once it is back at 3 digits. pic.twitter.com/V29apdHC3o
— Duo Nine | discord.gg/ycc (@DU09BTC) November 20, 2022
The concern…
Click Here to Read the Full Original Article at Ethereum (ETH) News | CryptoSlate…
