Mysterious whale ‘0xd275e’ linked to FTX collapse, Tether depeg, and recent $75M token transfers
Recent on-chain activity involving the Ethereum address “”0xd275e” caught the attention of the cryptocurrency community.
finished crypto slateIn our on-chain analysis, we found no concrete evidence of an account owner. However, the account has actively traded large amounts of tokens during major industry events.
This whale account was identified during on-chain analysis of both the FTX demise, Tether depeg, and now the $75 million return to the cryptocurrency exchange.
“0xd275e” moves $75 million in tokens to exchanges.
according to Tweet From Spot On Chain, this address deposited 1,140 WBTC ($32.89 million) on Bitfinex and 15,000 ETH ($27.17 million) on Binance, Coinbase, and Kraken within 1.5 hours on June 21st.
Spot On Chain has identified this address as actively transferring large amounts of cryptocurrency between major exchanges. This could indicate operational activity, given its address. ambiguous history.
crypto slate Checked for recent “0xd275e” transactions Etherscan We found a series of transactions involving withdrawals, transfers, and refunds over the last 24 hours. These transactions include Aave’s interest-bearing Wrapped Ether (WETH), Wrapped Bitcoin (WBTC), and USD Coin (USDC), with this address actively participating in his DeFi ecosystem. You can confirm that there is
However, this address has also appeared in previous industry analyses, according to. Noah _nftn. In November 2022, the account claimed that a former FTX employee exposed “0xd275e” as being involved in the misappropriation of customer funds.
The diagram below shows the central accounts for some large scale trading between Aave, Bitfinex, Binance, Lido, Genesis Trading and FTX.
Tether Depeg
Recently, this account also appeared at the center of a short USDT depeg conducted by Tether CTO Paolo Ardoino. called It’s a “good stress test” for the company.
June 19th, spot on chain claimed The address “seems to sell $ETH and pay off debt with #Aave”. Furthermore, “0xd275e” claims to have borrowed 50 million USDC from Aave after the USDT peg was lifted and started buying USDT for arbitrage trading, suggesting that it may be involved in the USDT peg recovery.
Lookonchain previously speculated that ‘0xd275e’ may be related to Tether or the FTX Accounts Drainer, which could have significant implications for the industry. On June 15th, questioned Whether an account may belong to Tether, in November 2022, was suggested “0xd275” may belong to FTX co-founder Sam Bankman Freed.
crypto slate We have reached out to Bitfinex and Tether regarding “0xd275” but have yet to receive a response. At the time of writing, this account only has $827 in Tether-issued tokens.
FTX Hack
In its analysis of the FTX hack that occurred after filing for bankruptcy in November, Lookonchain said: clearly Around the same time that the FTX exchange suspended user withdrawals, the address “0xd275e” was found to be involved in a large ETH and USDC transfer.
Lookonchain also noted the interesting timing of trading activity between ‘0xd275e’ and the FTX Accounts Drainer, hinting at a possible connection, but stressed that this is still speculation.
The nature of the relationship between “0xd275e” and the FTX Accounts Drainer, and the identity of the FTX Accounts Drainer, remains unknown.
While “0xd275e” has received significant attention within the cryptocurrency community, there is currently no concrete evidence to support claims of misappropriation of customer funds and connection to Tether or FTX account drainers.
While the account’s users remain a mystery, the wallet itself appears to be at the center of some of the most high-profile crypto events of the past nine months.
