We have already coated the weird scenario on the Ethereum community the place one of the largest holders on the entire blockchain stole 100% of his holdings and now efficiently trades them round, regularly rising his portfolio.
During the FTX disaster, the very last thing buyers wanted was a sudden hacker assault resulting in a withdrawal of round $300 million of digital funds from the drowning centralized cryptocurrency trade.
After efficiently stealing customers’ funds, the hacker quickly exchanged his holdings to Ethereum. The almost definitely cause behind it was a want to “wash” these funds on decentralized coin mixing options to keep away from prosecution in the long run.
The FTX hacker is now the 27th largest holder of $ETH250,735.11 / $304 MillionThat’s sufficient for like one Ether Rock pic.twitter.com/czNeu6GupY
— Nansen Intern 🧭 (@nansen_intern) November 19, 2022
Unfortunately, on-chain sleuths or FTX trade representatives couldn’t decide who may be tied to such a big heist of customers’ funds, which sparked varied speculations on social media channels in regards to the potential affiliation of the trade’s managers, who had some variety of entry to scorching or chilly wallets.
Only a couple of weeks in the past, the FTX hacker was the thirty fifth largest holder on the Ethereum community, and now, because of correct fund administration, he has jumped to the 27th place with the potential to enter the prime 25.
However, it might be inaccurate to imagine that the hacker is definitely one of the largest holders of Ethereum on the community. The majority of institutional buyers or influencers distribute their holdings throughout quite a few wallets in order to enhance their resilience towards potential assaults and scams.
In the foreseeable future, the FTX hacker has no different selection however to one way or the other whitewash his funds in order to trade them for fiat currencies in the long run, which is why the excessive place in the Ethereum community’s prime must be short-term.