FTX Accounts Drainer gets rid of 50,000 ETH and uses Ren’s Bitcoin gateway to acquire Bitcoins

The ethereum wallet known as “FTX Accounts Drainer“began dumping the ethereum it collected last week after becoming the 27th largest ether address. On Nov. 19, 2022, the wallet contained 250,735 ethers, but at 7:44 a.m. ET on Nov. 20, the “FTX Accounts Drainer” transferred approximately 50,000 ethers out of the wallet. Using Ren’s bitcoin gateway, the entity exchanged ethereum for bitcoins.

The entity “FTX Accounts Drainer” wants bitcoins.

The wallet known as the “FTX Account Drainer” has risen from the 27th largest ethereum wallet to the 37th position after unloading about 50,000 ethers worth about $58.3 million on Sunday, November 20, 2022. The day before, Bitcoin.com News reported that the wallet had become the 27th largest ether wallet after consolidating over 250,000 ethers.

On-chain analysis states that “FTX Accounts Drainer“sent the 50,000 ethereum through Ren’s bitcoin gateway, a platform that tokenizes bitcoin on the Ethereum blockchain. The identity of the “FTX Account Sponsor” is currently unknown, as some believe it is a malicious entity, others believe it is a former FTX executive, and still others believe it could be a white hat hacker.

The entity’s other address, which holds more than 100 ERC20 tokens, has remained untouched for a week and is worth about $189 million. The choice to unload via Ren’s bitcoin gateway indicates that the user wants to obtain bitcoins in exchange for ether. The use of Ren instead of the exchange on WBTC was probably chosen because WBTC is managed by Bitgo.

The Renvm protocol is more decentralized because it can mint tokens that represent non-Ethereum based crypto-currencies. While BTC tokens like WBTC are popular, RENBTC is much less liquid in comparison.