The Bahamian government is rumored to have connections with the FTX hacker’s dump of 50,000 ETH in exchange for BTC

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.

ETH dropped significantly after the FTX hacker’s attacks

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.

TikTok Hit with €345 Million Fine in Europe for Child Privacy Violations

China’s Economy Shows Signs of Recovery, but Real Estate Remains a Concern

Arm’s China Conundrum and the Risks in its $5 Billion IPO

Shining a Light on AI ‘Ghost’ Staff: US Lawmakers Probe Tech Giants

Apple’s iPhone 15 Unveil: What to Expect

Tesla’s Dojo Supercomputer and the $500 Billion Market Value Surge

Biden’s Vietnam Visit: Promoting Global Stability and Strengthening Alliances in Asia

The Evolution of the Eight-Hour Workday in the United States

Navigating the Intersection of Tech Trends, Security, and Hybrid Work in 2023

China Enforces iPhone Ban for Government Officials Amidst Growing Tech Tensions

techbiz.network Google's Bard AI

Google’s Bard AI Chatbot Takes a Leap Forward with Major Expansion

Google’s Bard AI chatbot is getting a major upgrade, and it’s all about making your life easier. In a recent …
techbiz.network Eddie Wu CEO Alibaba. Source: Straitstime

Alibaba’s AI-Powered Renaissance Amidst New Leadership and Market Challenges

In a bold move to navigate the ever-evolving landscape of e-commerce and cloud computing, Alibaba Group is embarking on its …
techbiz.network Google's Bard AI

Google’s Bard AI Chatbot Takes a Leap Forward with Major Expansion

Google’s Bard AI chatbot is getting a major upgrade, and it’s all about making your life easier. In a recent …
techbiz.network Eddie Wu CEO Alibaba. Source: Straitstime

Alibaba’s AI-Powered Renaissance Amidst New Leadership and Market Challenges

In a bold move to navigate the ever-evolving landscape of e-commerce and cloud computing, Alibaba Group is embarking on its …
techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network travel in Hanam

Vibrant Activities in Ha Nam Cultural and Tourism Week 2023

On May 14th, at Tam Chuc Tourist Area in Kim Bang District, the People’s Committee of Ha Nam Province, together …
techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network Vietnam Airlines' Heritage Guide

Unveiling the Heritage Guide: Vietnam Airlines’ Exquisite Travel Companion for Exploring Vietnam

On June 15th, Vietnam’s national airline, Vietnam Airlines, officially launched a new travel guide publication called “Heritage Guide” on all …
techbiz.network Thomson Medical Group of Singapore accquires FV hospital

Thomson Medical Group Expands Southeast Asian Presence with Acquisition of FV Hospital in Vietnam

Singapore’s Thomson Medical Group (TMG) has made a significant move in the healthcare sector by acquiring Vietnam’s FV Hospital, marking …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …
Talks with Leaders, Ep8: 1st AI Doctor Assistant in Vietnam provides 90+% correct diagnosis within 5s

Talks with Leaders, Ep8: 1st AI Doctor Assistant in Vietnam provides 90+% correct diagnosis within 5s

In this eighth episode, we’ll learn about VinBrain, a VinGroup subsidiary dedicated to developing AI and IoT technologies for …
techbiz.network blockchain meets metaverse

Talks with Leaders, Special episode: Blockchain meets Metaverse, featuring business leaders, investors, tech experts and global influencers

On November 14, 2021, the live webinar Blockchain meets Metaverse was successfully organized by TechBiz with the participation of …
techbiz.network Google's Bard AI

Google’s Bard AI Chatbot Takes a Leap Forward with Major Expansion

Google’s Bard AI chatbot is getting a major upgrade, and it’s all about making your life easier. In a recent …
techbiz.network Google's Bard AI

Google’s Bard AI Chatbot Takes a Leap Forward with Major Expansion

Google’s Bard AI chatbot is getting a major upgrade, and it’s all about making your life easier. In a recent …

techbiz.network valentino joins metaverse

Valentino Joins the Metaverse: An Exciting Partnership with UNXD

Valentino, the iconic Italian fashion house, has announced its foray into the metaverse through a partnership with UNXD, the leading …

techbiz.network coinbase CEO concerns about SEC request

Coinbase CEO: SEC Request Could Have Spelled the End of US Crypto Industry

In a recent revelation, Brian Armstrong, the CEO of Coinbase, the largest cryptocurrency exchange in America, disclosed that the company …

techbiz.network coinbase CEO concerns about SEC request

Coinbase CEO: SEC Request Could Have Spelled the End of US Crypto Industry

In a recent revelation, Brian Armstrong, the CEO of Coinbase, the largest cryptocurrency exchange in America, disclosed that the company …

techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network Abode by Stuarte Semple challenges Adobe

Abode: Artist Challenges Adobe’s Dominance with Lifetime Creative Software Suite

Artist and activist Stuart Semple has embarked on an ambitious project to challenge the dominance of Adobe, the corporate …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …

techbiz.network thread lost 82% users

Threads App’s Rollercoaster Ride: Plummeting 82% of Users Raise Concerns for Meta’s Social Experiment

In early July, Meta, formerly known as Facebook, unveiled its highly anticipated social media offering, Threads. The platform, described as …

techbiz.network Michelin Guide

The Michelin Guide: Honoring Culinary Excellence and Unveiling Hidden Gems

The Michelin Guide, which began as a humble travel companion for motorists, has evolved into an iconic gastronomic authority. It …

techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network travel in Hanam

Vibrant Activities in Ha Nam Cultural and Tourism Week 2023

On May 14th, at Tam Chuc Tourist Area in Kim Bang District, the People’s Committee of Ha Nam Province, together …

techbiz.network Thomson Medical Group of Singapore accquires FV hospital

Thomson Medical Group Expands Southeast Asian Presence with Acquisition of FV Hospital in Vietnam

Singapore’s Thomson Medical Group (TMG) has made a significant move in the healthcare sector by acquiring Vietnam’s FV Hospital, marking …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …