FTX Hacker Becomes 35th Largest Holder Of Ethereum After Panic Purchasing Approx. $50M of $ETH

Ethereum Updates
  • 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.
  • According to security firm Hacken, the hacker has had to have access to the private keys to exploit FTX’s cold storage wallets.
  • $20M in PAXG was frozen accross the attackers four addresses.

The associated address with the FTX hack has reportedly swapped around $48,265,787 of stablecoin $Dai into 36,567 Ethereum, making the address the 35th largest holder of the world’s second-largest crypto by market cap. The FTX hacker’s average purchase price of ETH is $1,284.79, according to data from LookOnChain.

According to intelligence firm Arkham, the FTX hacker seems to be panicking after losing a large number of their token holdings to slippage and being blacklisted in four different addresses.$ 20M in PAXG was frozen accross the attacker’s four addresses that hold PAXG. The FTX hacker reportedly stole around $477M from the bankrupt exchange FTX just after the exchange filed for Chapter 11 bankruptcy on Friday.

Was this an Inside Job?

There are still unknowns to this hack, but many believe it has to be an insider job. The hack began around the same time FTX officials wrote a tweet about their Chapter 11 Bankruptcy filing.

Chief executive of security firm Hacken told Coindesk on Tuesday that the FTX Hacker has had access to all the FTX cold storage wallets exploited. Private keys are normally required for this type of access.

Following the blockchain transaction, the user mistakenly identified themselves while using the Kraken exchange.

“We know the identity of the user” – Nick Percoco, CEO of Kraken, revelead via Twitter on November 12. The identity is yet to be revealed to the public.

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