During the FTX disaster, the last thing investors needed was a sudden hacker attack resulting in the withdrawal of about $300 million in digital funds from the drowning centralized crypto-currency exchange.
After successfully stealing users’ funds, the hacker quickly exchanged their assets for Ethereum. The most likely reason for the withdrawal is the desire to “wash“These funds on decentralized part mixing solutions to avoid future lawsuits.
The FTX hacker is now the 27th largest holder of $ETH
250,735.11 / $304 Million
That’s enough for like one Ether Rock pic.twitter.com/czNeu6GupY
– Nansen Intern 🧭 (@nansen_intern) November 19, 2022
Unfortunately, investigators on the channel or FTX exchange representatives were unable to determine who might be connected to such theft of user funds, prompting various speculations on social media channels about the potential affiliation of exchange managers, who had some sort of access to hot or cold wallets.
Just a few weeks ago, hacker FTX was the 35th largest holder on the Ethereum network, and now, thanks to good fund management, it has moved up to 27th place with the potential to enter the top 25.
However, it would be inaccurate to assume that the hacker is actually one of the largest holders of Ethereum on the network. The majority of institutional investors or influencers spread their holdings across multiple portfolios to improve their resilience to potential attacks and scams.
For the foreseeable future, the FTX hacker has no choice but to somehow launder his funds in order to exchange them for fiat currencies in the future, which is why the elevated position at the top of the Ethereum network should be temporary.