Users affected by the FTX crash now face a major problem: it has been revealed that the hacker responsible for the subsequent hack began manipulating the price ETH.
The hacker’s dump of ETH on the markets caused the asset’s price to fall by more than 7% in a matter of hours.
Hacker Moving Funds
The hacker responsible for the attack on the FTX exchange began offloading millions worth of ETH. This led to a dramatic drop of the price of the cryptocurrency. The hacker had escaped with almost $300 million worth crypto and was, at the time this article was written, the 35th largest holder in the world of ETH. Chainalysis reported the news that the hacker had stolen more crypto and urged exchanges not to cash out.

“Funds stolen out of FTX are moving, and exchanges should remain on high alert to freeze them if the hackers attempt to cash out.”

The hacker transferred 50,000 ETH worth more than $59 million to a new address on Sunday. The recipient address exchanged the ETH for renBTC. This is a type of BTC that runs on the Ethereum blockchain. According to Etherscan data, the address made two separate transfers totaling approximately $59 million. ZachXBT, an on-chain researcher, claims that the hacker is using Ren Bridge to move renBTC to Bitcoin blockchain. This latest development is a result of the FTX collapse that gripped cryptocurrency markets.
ETH Drops
The cryptocurrency price fell by almost 3% after a hacker dumping ETH onto the market. Bitcoin was only 0.6% lower. Currently, the price for ETH has fallen by 3.09% and the asset trades at $1099. According to current data, the hacker still has around 200,735 Ethereum, which is worth close to $236 million at current prices. Crypto sleuth ZachXBT first identified the hacker’s wallet on November 11.
Statement from FTX
FTX issued a statement urging crypto exchanges to be on high alert to secure any funds they can. The hacker can be traced back to them. Any funds that are recovered could be used to fund bankruptcy proceedings. FTX tweeted.

“Exchanges need to be aware that funds transferred from FTXGlobal and related debtors without authorization, 11/11/22, are being transferred directly to them through intermediary wallets. These funds should be returned to bankruptcy estates by exchanges.

After the hacker had sold a number of crypto assets including the DAI stablecoin and Synthetix’s SNX as well as Aave’s AAVE and LINK, the trades were made on CowSwap. The largest trade was a $48million swap of DAI for ETH.
On the 12th of novembre, the Securities and Exchange Commission of the Bahamas issued a statement stating that it was facilitating the withdraw of Bahamian money. There was a lot of speculation that the flow of funds to FTX on the 11th of Nov was the work of the Securities and Exchange Commission of the Bahamas. ZachXBT tweeted that this was false.

“The first sign that 0x59 was a blackhat, and neither Bahamian officials or FTX team were able to detect it was when 0x59 began selling tokens of ETH, DAI and BNB, and using a variety bridges so crypto could not be frozen on 11/12.”

Ethereum Users Appeal For Help
Some Ethereum users started sending coded messages asking for a share in the stolen funds to the hacker. One user appealed for help from the hacker, stating that they had lost a substantial amount due to the FTX crash and asking for a reimbursement. In an effort to get their attention, the user sent several small transactions to the hacker. To get the hacker’s attention, several other Ethereum users attempted the same trick. It remains to be seen if they succeeded or not.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

  

Users who were affected by the FTX crash now have a major problem: it was discovered that the hacker responsible has been manipulating the price for ETH. The hacker dumped ETH onto the market, causing a drop in the price of the asset of over 7% within a matter of hours. Hacker Moving Funds: The hacker behind the attack against the FTX exchange started offloading millions worth of ETH. This led to a dramatic drop of the cryptocurrency’s price. The hacker had escaped with almost $300 million worth crypto and was, at the time this article was written, the 35th largest holder in the world of ETH. Chainalysis reported the news that the hacker had stolen more crypto and urged exchanges not to cash out.
“Funds stolen from FTX have been in motion, and exchanges should be on alert to freeze them if the hacker tries to cash out.”
The hacker transferred 50,000 ETH worth more than $59 million to a new address on Sunday. The recipient address exchanged the ETH for renBTC. This is a type of BTC that runs on the Ethereum blockchain. According to Etherscan data, the address made two separate transfers totaling approximately $59 million. ZachXBT, an on-chain researcher, claims that the hacker is using Ren Bridge to move renBTC to Bitcoin blockchain. This latest development is a result of the FTX collapse that has gripped cryptocurrency markets. ETH Price Drops After a hacker dumped ETH on the markets, the cryptocurrency price plunged by almost 3% in the last 24 hours. Bitcoin was only 0.6% lower. Currently, the price for ETH has fallen by 3.09% and the asset trades at $1099. According to current data, the hacker still has around 200,735 Ethereum, which is worth close to $236 million at current prices. Crypto sleuth ZachXBT first identified the hacker’s wallet on November 11. FTX Issues a Statement FTX issued a statement urging crypto exchanges to be on high alert to secure any funds that can be traced back at the hacker. Any funds that are recovered could be used to fund bankruptcy proceedings. FTX tweeted.
“Exchanges need to be aware that funds transferred from FTXGlobal and related debtors without authorization, 11/11/22, are being transferred directly to them through intermediary wallets. These funds should be returned to bankruptcy estates by exchanges.
After the hacker had sold a number of crypto assets including the DAI stablecoin and Synthetix’s SNX as well as Aave’s AAVE and LINK, the trades were made on CowSwap. The largest trade was a $48million swap of DAI for ETH. On the 12th of novembre, the Securities and Exchange Commission of the Bahamas issued a statement indicating that it was facilitating the withdraw of Bahamian money. There was a lot of speculation that the flow of funds to FTX on the 11th of Nov was the work of the Securities and Exchange Commission of the Bahamas. ZachXBT tweeted that this was false.
“The first sign that 0x59 was a blackhat, and neither Bahamian officials or FTX team were able to detect it was when 0x59 began to sell tokens for ETH and DAI and used a variety of bridges so that crypto couldn’t have been frozen on 11/12.”
Ethereum Users Appeal for Help Some Ethereum users started sending coded messages asking for a portion of the stolen funds. One user reached out to the hacker and stated that they had lost a substantial amount due to the FTX crash. The hacker was asked to reimburse them. In an effort to get their attention, the user sent several small transactions to the hacker. To get the hacker’s attention, several other Ethereum users attempted the same trick. It remains to be seen if they succeeded or not. Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.