In a recent development, an address associated with the FTX exploit, identified as 0x3e9, has seen significant activity, conducting transfers exceeding 10,000 Ether (ETH), valued at approximately $17 million. This comes after months of dormancy for the related addresses, stirring concerns within the cryptocurrency community.
A substantial portion of the transferred ETH, approximately 7,749 ETH worth around $13 million, was directed towards the THORChain router and Railgun contract. Furthermore, the exploiter executed a swap involving 2,500 ETH, valued at approximately $4.19 million, converting it into 153.4 tBTC at an average price of $27,281 per token.
Background of the FTX exploit
The exploit initially occurred on Saturday, September 30, resulting in significant losses of nearly 50,000 ETH. This exploit has raised concerns within the cryptocurrency market and has put downward pressure on the price of Ether, which currently hovers slightly above $1,650.
Adding to the current dynamics, the market is eagerly anticipating the introduction of Ethereum futures Exchange-Traded Funds (ETFs) on Monday, October 2. These financial products are expected to have a notable impact on the cryptocurrency market.
Meanwhile, in the world of cryptocurrency exchanges, FTX co-founder Sam Bankman-Fried, also known as SBF, is preparing for his upcoming trial scheduled for October. This trial follows his arrest in The Bahamas and subsequent extradition to the United States, marking several months since these events unfolded.
SBF faces a total of seven charges related to fraudulent activities, comprising two substantive charges and five conspiracy charges. Throughout the legal proceedings, the FTX founder has consistently maintained his innocence, pleading not guilty to all allegations. Despite numerous attempts to secure temporary release, Bankman-Fried remains in custody at the Metropolitan Detention Center.
In a recent development, Judge Lewis Kaplan denied Bankman-Fried’s most recent request for release. The judge cited concerns about the possibility of the defendant fleeing during the ongoing legal process.
