FTX Hacker's Exploits and Crypto Movements Unveiled

Massive Crypto Heist from FTX

In a significant breach of the FTX crypto exchange, a hacker successfully stole nearly $500 million in cryptocurrencies. The initial theft occurred in November last year, catapulting the hacker into a prominent position within the crypto community. After obtaining the stolen assets, the hacker converted almost all into Ethereum, amassing 180,000 ETH, which were distributed across 12 addresses. This substantial amount was valued at about $200 million at the time.

Strategic Moves and Exchange Attempts

The hacker's strategic maneuvers continued as they transferred 50,000 ETH into Ren Bitcoin, an Ethereum-based Bitcoin version. This year, further attempts were made to swap the stolen Ethereum through various DeFi platforms. Notably, an attempt to exchange ETH into tBTC via ThorSwap was thwarted when the platform chose to suspend operations to prevent the transaction.

Cross-Chain Transfers and Market Movements

Faced with obstacles, the hacker resorted to using the Threshold Network to cross-chain the Ethereum into the Bitcoin network, maintaining a significant holding of 110,000 ETH, valued at approximately $180 million. Meanwhile, major crypto exchanges such as Coinbase and Kraken witnessed large inflows of Ethereum, with transactions totaling over 171,800 ETH, highlighting active trading by crypto holders.

Ethereum's Price Fluctuations

Despite the turmoil, Ethereum displayed notable resilience and growth. Between October 20 and October 26, Ethereum's price surged by 18.14%, reaching a high of $1,848. However, this was followed by a modest decline of 2.84%. Nevertheless, Ethereum continued to hold its ground, maintaining a stable price level above $1,800.

The hacker's activities and the resultant market movements underscore the dynamic and sometimes volatile nature of the cryptocurrency landscape.