Hacker Moves Stolen Ethereum Amid Market Shifts

Hacker's Ethereum Movement

A hacker responsible for a significant attack on FTX, shortly after it declared bankruptcy last November, is actively converting stolen Ethereum into other digital assets. Utilizing the Threshold Network, the hacker has converted 75,636 ETH into tBTC and transferred them to the Bitcoin network. This amount, valued at approximately $124 million, is part of nearly $500 million worth of crypto initially stolen. The hacker still holds almost 110,000 ETH, valued at around $180 million.

Decline in Exchange-held Ethereum

A recent analysis by Santiment, an on-chain data provider, highlighted a major shift in Ethereum holdings. On one particular day, a massive 110,000 ETH, equivalent to $181 million, was moved from cryptocurrency exchanges to self-custody wallets. This marks the largest outflow from exchanges since August 21. Consequently, the amount of Ethereum held on exchanges has plummeted to its lowest in over 5.5 years, while the non-exchange supply has reached a record high of 115.88 million ETH.

Ethereum Market Trends

During the week of October 2 to 5, Ethereum experienced a 6.44% drop, with prices falling from $1,729 to a low of $1,618. Despite this decline, the cryptocurrency has rebounded slightly, reclaiming the $1,631 level. This fluctuation in price highlights the ongoing volatility and dynamic nature of the cryptocurrency market.

These developments underscore the continued complexity and unpredictability in the crypto space, influenced by both illicit activities and market movements.