Cryptocurrency

FTX Exploiter swaps 50K ETH to BTC swap sparking concern for Ethereum as ETH dips 3%

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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.

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.

ftx expo writer
Source: Arkham Intelligence

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 .

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.

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.

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