The domino effects do not seem to end with the FTX exchange crisis as this exchange shows evidence of hacker attacks which drained large amounts of ETH in exchange for BTC.
On the afternoon of November 21 (GMT+7), the ETH price continued to fall, throwing investors into a panic and driving the ETH prices to historic lows. However, the market pressure was not only on ETH; the entire market was shaking as a result. The BTC price dropping below 16k which caused the majority of altcoins’ prices to fall. At the time of writing, in the afternoon of Nov 22, BTC’s price is hovering around 15.78k while ETH has slipped below the $1.1k support level, looping around $US 1099.
The hacker was reportedly to start acting right after the FTX exchange filed for Chapter 11 bankruptcy on November 11. Roughly $447 million was stolen from several FTX worldwide and FTX US exchange wallets. The majority of the stolen money was in ETH, making the exploiter the 27th largest whale in ETH.
According to on-chain data, the hacker moved 50,000 ETH to a new address on Sunday before converting it for renBTC (~3500 BTC), a wrapped form of Bitcoin that can function on the Ethereum network. The new wallet then bridged to two wallets on the Bitcoin blockchain. One of the wallets contained 1,070 renBTC and another contained 2,444 renBTC.
At the same time, Bahaman Securities and Exchange Commission released a notice claiming that they were trying to move assets from the FTX. It led to many people to believe that the Bahamian government was the black hat hacker standing behind the FTX wallet drainer 1 that drained $447 million from FTX.
The contagion seems to be spreading when the crypto lending firm Genesis is reportedly having troubles and may file for bankruptcy. At present, the hacker is reportedly to still possess more than 200,700 Ether in their wallet. It should come as no surprise that if Generis files for bankruptcy and/or the hacker dumps ETH to exchange for BTC, it will trigger another explosion, further down token prices.
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