Three days ago, FTX confirmed that its systems had been breached by a hacker who made away with up to $500 million in crypto from the already collapsing crypto exchange. Reports have now shown that the hacker might just be a panicky amateur who is planning a massive sell-of ETH.
FTX Still in Search of Hacker
FTX, which had declared bankruptcy on Friday, had announced on Saturday that it had been breached and stolen from, and would now be moving their remaining funds into “cold storage”. Crypto risk management body, Elliptic, confirmed the breach and the theft of up to $473 million in cryptocurrency assets stating that while it was unconfirmed, it was a very likely possibility. Since then, FTX have been investigating the hack with investigation agencies, and much of that hasn’t yielded substantial results. This hack further hampered FTX’s chances of a rise back to the status of an industry player as it dealt a heavy blow to the exchange.
What Has the Hacker Been up to?
Elliptic confirmed on the day of the hack that the hacker had converted the stable coins and other tokens into Ethereum, stating that this was a common practice among hackers to prevent their coins from being seized. And now today, reports from crypto data intelligence platforms have revealed that the hacker’s wallet has received a deposit of over 21,000 $ETH and has been solidifying his DAI and ETH position with tokens that wouldn’t be frozen on Ethereum’s mainnet. The hacker has also been said to be in panic as his actions to sell-off most of the other stolen tokens on several DEXs has given him away.
Now, although the hacker’s plans might not be accurately ascertained for sure, but one thing is certain, he holds a huge amount of $ETH at his disposal. According to FTX’s assessment of the situation, the hacker made away with:
- $215 million in $ETH
- $48 million in $DAI
- $44 million in BNB
- $4 million in USDT, and
- $3.8 million in MATIC
This assessment confirms his huge $ETH reserves and from his panicky nature, he could be planning to sell-off all his assets and get away with as much as he can which would result in a massive dump for $ETH. What do you think would be FTX’s next move in this situation?