Last Updated on October 1, 2023 by Bitfinsider
According to Spot On Chain’s most recent data, within the past day, five addresses have received transfers totaling over 10,000 ETH valued at approximately $17.1 million from an FTX exploiter address, 0x3e9. It has been reported that this is the first time in a few months that the exploiter has activated these addresses.
Among these transactions, the Thorchain router and Railgun contract received 7,749 ETH, or $13 million USD. Furthermore, the hacker carried out a trade of 2,500 Ethereum, which was worth $4.19 million USD, into 153.4 tBTC at a rate of $27,281 per token on average. Since it started operating, this address has shown a lot of activity, and it is anticipated that it will keep moving ETH—probably to Thorchain.
The initial projected damages from the breach, which happened on Saturday, September 30, were close to 50,000 ETH. The event transpired in the final days leading up to SBF’s criminal trial in October 2023.
Still, a large portion of the selling pressure on the price of ETH has been generated by these occurrences. In anticipation of the release of Ethereum futures ETFs on Monday, October 2, the price of ETH remains above $1,650.
October will mark the start of FTX co-founder SBF, better known as Sam Bankman-Fried,’s criminal trial. He was arrested in The Bahamas a few months ago and was extradited to the US.
It is expected that the trial will take six weeks, starting on October 3 with jury selection and October 4 for the first court hearing. Seven fraud-related allegations are brought against Bankman-Fried; there are two substantive counts and five conspiracy charges.
For the whole of the legal process, the FTX founder has remained acquittal on all counts. Bankman-Fried is still being held at the Metropolitan Detention Centre despite several attempts to obtain a temporary release. Judge Lewis Kaplan rejected his most recent plea for parole on the grounds that he posed a flight risk.
But as Q4 2024 approaches, a lot of industry observers are optimistic about the cryptocurrency sector. For Bitcoin bulls historically, Q4 has been a really fantastic season.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
