FTX Hacker Becomes One Of Biggest Ethereum Whales After Flurry of BNB and DAI Swaps: On-Chain Data

The entity that moved funds out of crypto exchange FTX's wallets last week has been swapping its coins to accumulate ETH, making it one of the biggest Ethereum whales in existence. On Friday, FTX's general counsel Ryne Miller released a statement on the company's Telegram channel, saying the exchange had been hacked.

Timeline of Bnb, Ethereum

FTX hacker reportedly swapped around $50M of $Dai to $Ethereum in a state of “panic” according to intelligence firm Arkham. It is rumored that this hack is an inside job, with Kraken CEO Nick Percoco confirming that they know the identity of the attacker.

What happened: On Monday a total of 1,868.02 Ether (CRYPTO: ETH) worth $2,370,757, based on the current value of Ethereum at time of publication ($1,269.13), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Ethereum price analysis is bearish today as we have seen failure to break lower and another retest of the previous high over the past hours. Likely ETH/USD is ready to continue even lower and look to spike past the $1,200 support.

More than $600 million in cryptocurrency mysteriously vanished from the wallets of bankrupt exchange FTX (CRYPTO: FTT) late on Friday. Now, a crypto address linked to the alleged drain of the FTX accounts is exchanging decentralized stablecoin DAI (CRYPTO: DAI) for Ethereum (CRYPTO: ETH).

A popular crypto analyst claims that major Ethereum (ETH) rival Algorand (ALGO) is displaying a number of worrying signs. Citing research from crypto analytics firm Messari in a new YouTube video, the host of InvestAnswers tells his 444,000 subscribers that large holders own 99.

Transactions on the Three Arrows Capital (3AC) wallet have been revitalized as funds began to move again in its main wallet. The post 3AC wallet shifts over $20M in ETH, stablecoins over past 6 days, fueling rumors of revival attempt appeared first on CryptoSlate.

Last Friday, the FTX drama took a new turn when it became known that some of the remaining customer funds were stolen by a hacker. According to current knowledge, it must have been an inexperienced insider who gained access to FTX's wallets.

Ethereum price kicked off a magnificent recovery quickly after the asset found its bottom below $1100. The second-largest crypto rebounded well from the interim at $1240 and appears to be heading towards the next target levels, which are more than 6% higher than $1300.

 ETH's price reclaims its demand zone of $1,200 as price bounces to a region of $1,250 despite market turmoil.   ETH's price continues to show strength after a bearish downtrend with the market's current state, as things look uncertain for most traders and investors.

The hacker, who siphoned nearly $600 million worth of crypto assets from bankrupt crypto exchange FTX, is now amassing Ethereum tokens for a potential sell-off. According to on-chain data, FTX Accounts Drainer has received ~21,155 $ETH from other FTX Accounts Drainers.