Now we have already lined the weird state of affairs on the Ethereum community the place one of many greatest holders on the entire blockchain stole 100% of his holdings and now efficiently trades them round, progressively rising his portfolio.
Through the FTX disaster, the very last thing buyers wanted was a sudden hacker assault resulting in a withdrawal of round $300 million of digital funds from the drowning centralized cryptocurrency trade.
After efficiently stealing customers’ funds, the hacker quickly exchanged his holdings to Ethereum. The most definitely cause behind it was a need to “wash” these funds on decentralized coin mixing options to keep away from prosecution sooner or later.
The FTX hacker is now the twenty seventh largest holder of $ETH
250,735.11 / $304 Million
That is sufficient for like one Ether Rock pic.twitter.com/czNeu6GupY
— Nansen Intern 🧭 (@nansen_intern) November 19, 2022
Sadly, on-chain sleuths or FTX trade representatives couldn’t decide who may be tied to such a big heist of customers’ funds, which sparked numerous speculations on social media channels concerning the potential affiliation of the trade’s managers, who had some type of entry to scorching or chilly wallets.
Just a few weeks in the past, the FTX hacker was the thirty fifth greatest holder on the Ethereum community, and now, due to correct fund administration, he has jumped to the twenty seventh place with the potential to enter the high 25.
Nevertheless, it will be inaccurate to imagine that the hacker is definitely one of many greatest holders of Ethereum on the community. Nearly all of institutional buyers or influencers distribute their holdings throughout quite a few wallets to be able to enhance their resilience in opposition to potential assaults and scams.
Within the foreseeable future, the FTX hacker has no different selection however to in some way whitewash his funds to be able to trade them for fiat currencies sooner or later, which is why the excessive place within the Ethereum community’s high ought to be non permanent.