FTX Exploiter swaps 50K ETH to BTC swap sparking concern for Ethereum as ETH dips 3%
On November 20th, FTX exploiter accounts began moving stolen funds again. This equates to a total of 50,000 Ethereum (ETH) worth an estimated $60 million.
FTX hackers are doing…
They sent 25,000 ETH to another wallet and have been actively pitching to RenBTC over the past few hours.
They sold another 3k ETH a few minutes ago.
And so far we have sold 18,000 ETH ($21.7M) out of 25,000.
Can’t you relax on Sunday? pic.twitter.com/WLwlU943R9
— Eiro (@alpha_pls) November 20, 2022
Hackers spread loosely across a 4-hour window, first with 5000 ETH, then 10,000 ETH twice, and finally another 25,000 ETH another wallet.
Funds bridged from ETH to renBTC
FTX Exploiter Holds $60 Million ETH in New ‘0x866’ Wallet and Begins Bridging Part of 50,000 ETH Using RenBridge, a Blockchain Bridging Platform Backed by Alameda Research .
$477 million received by the “FTX Drain” Ethereum account is now being bridged to Bitcoin using RenBridge (owned by Alameda).
$28 million in ETH was converted to RenBTC by this morning, of which $18 million was bridged to BTC.https://t.co/46DhCaX7GQ— Tom Robinson (@tomrobin) November 20, 2022
FTX exploiters continue to exchange most of the 50,000 ETH into renBTC, Bridged a total of 692 renBTC.
Currently, the “0x866” wallet contains almost 10 ETH and 0.092 renBTC, worth about $13,000 in total.
Concerns Over Ethereum
In light of today’s 50,000 ETH to renBTC bridging event, concerns about the state of Ethereum have started to resonate on Twitter, as you can see below.
If #ethereum is “better” than BTC, why is this #FTX hacker throws it away #bitcoin?
Actions speak louder than words and this is clearly a $250 million vote #bitcoin.
Consider purchasing #ETH When we get back to triple digits. pic.twitter.com/V29apdHC3o
— Duo Nine | discord.gg/ycc (@DU09BTC) November 20, 2022
The concern expressed by Duonine was that Number of responsesshows concerns surrounding Ethereum, including SEC regulations, centralization, and ETH supply lockups.
While largely speculative, one of the precise concerns Twitter user Oracle has raised is the move toward a “censored” Ethereum blockchain system, as we covered earlier this week.
At 78.18% at the time of writing, the daily average sum of Office of Foreign Assets Control (OFAC) compliant blocks on the Ethereum blockchain continues to rise steadily.
Ethereum’s price fell 3% from the weekend high of $1,233, breaking below $1,200 to a low of $1,155.
