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VI The attack on the floor FTX new developments continue when hackers decide to swap Ethereum (ETH) to retrieve Bitcoin (BTC).
Updated on the afternoon of 11/21/2022:
Floor Attacker FTX keep dumping ETH in the afternoon of November 21 in Vietnam time.
As in the original post T-REX The following report, after yesterday's dump, the attacker's wallet still holds 200,000 ETH. By this afternoon, this wallet "split" transferred 15,000 ETH to a secondary wallet and started selling that ETH to BTC through Ren, similar to yesterday.
– Attacker's original wallet has 185,000 ETH left, see here;
– Extra wallet to swap ETH to BTC here.
ETH price quickly dropped back to around $1,100 because of this negative news. And many analysts predict a further decline because of the possibility that hackers will continue to dump ETH.
Original post:
Attacker on the exchange cryptocurrency FTX has once again made a move that surprised many people by converting a large amount of Ethereum (ETH) holdings to Bitcoin (BTC).
As was T-REX reported, after FTX declared bankruptcy on the evening of 11/11, the platform was hacked on the morning of 11/12, seeing the amount of up to 500-600 million USD in user assets remaining on the exchange. drained. This is followed by a "snatching" of property between a supposed black hat hacker trying to get as much money as possible, and the other side are white hat hackers taking back the money for preservation.
The attacker then converted most of the stolen assets into ETH. As of the evening of November 19, the hacker's wallet address owned more than 250,000 ETH, worth $ 304 million, making this person the 27th largest Ethereum "whale" in the world.
The FTX hacker is now the 27th largest holder of $ETHCARD
November 19, 2022
250,735.11 / $304 Million
That's enough for like one Ether Rock pic.twitter.com/czNeu6GupY
However, on the afternoon of November 20, the community crypto discovered that the hacker had moved ETH to a new wallet address and started swapping ETH to BTC through the exchange 1inch. In the past 4 hours, the hacker transferred 50,000 ETH to a new wallet address, then swapped the entire amount to collect more than 3,517 renBTC – worth nearly $60 million at the time of writing. The attacker then uses Ren to exchange all renBTC for Bitcoin and disperse.
The version of BTC that the hacker gets back is renBTC – Bitcoin on Ethereum released by Ren, the cross-chain project made by Alameda Research investment and is having difficulty with funding cuts.
The hacker's original wallet still has more than 200,000 ETH, worth nearly $240 million. Many people worry that if the FTX attacker wants to change his holdings to Bitcoin, his general pattern will create a huge selling pressure on Ethereum in the near future.
It may take days for the FTX hacker to slowly dump the remaining 200k ETH as ppl fighting mint renBTC to arb the premium, refilling the exit liquidity for the hacker
November 20, 2022
How will the ETH market price react to the lingering threat of 200k ETH sell pressure?
May be a rough week… https://t.co/msxI40dlRa pic.twitter.com/YJUtho6vhS
It is still not clear the hacker's motive when converting assets to BTC, as well as the reason for choosing renBTC.
ETH price is dropping markedly at the time of writing because of the massive ETH release by FTX hacker.
In addition, another mystery waiting to be solved is the true identity of the attacker behind the incident. There have been many speculations that this is a disgruntled employee of FTX who, because he does not want to lose all his assets, has taken drastic action to get all he can. Meanwhile, the white hat hacker is said to be the representative of the bankruptcy unit that took over the FTX exchange.
However, on the morning of November 18, it was the turn of the government Bahamas, where FTX is headquartered, claims to have participated in the recovery of part of the funds available on the exchange and put it in a cold wallet for storage. There are even rumors that the former CEO of FTX himself Sam Bankman-Fried the one who supported Bahamas get money on the floor.
The Bahamas' interference in the bankruptcy process of FTX is expected to further complicate the legal issues surrounding the exchange as the assets will now be divided between two countries with different sovereignty and laws. Since the prospect of getting their assets back is pretty low, asset purchasers have offered up to 90% lower prices for FTX users who don't want to wait for the court's verdict.
