FTX hacker is now one of the largest Ether holders


(Kitco News) The FTX hacker is now one of the largest Ether holders – a haul worth about $288 million, according to the analytics platform Etherscan.

The collapsed crypto exchange was hacked just a day after FTX filed for Chapter 11 bankruptcy. Its wallets were raided, and the hacker got away with more than $600 million in various crypto assets, reported blockchain intelligence company Elliptic. FTX was said to have moved $186 million of the stolen funds into secure storage.

However, the hacker converted a large portion of the money into Ether. Elliptic suspects that the hacker ended up getting away with $477 million.

And now, according to a security specialist PeckShield, a wallet linked to the hack swapped around $49 million of stablecoins, which largely consisted of Dai, for Ether tokens on Tuesday.

This brings the hacker’s Ether total to 228,523, worth about $288 million – the 35th top Ether holding spot, said analytics platform Etherscan.

At the time of writing, Ether was trading at $1,199.72, down 5.5% on the day and 75.5% lower than its record high of $4,878 hit about a year ago.

There are reports circulating that the hack could have been an inside job. But the hacker is yet to be identified.

FTX filed for Chapter 11 bankruptcy protection on Friday and its CEO Sam Bankman-Fried resigned.

Following the FTX collapse, which had a $32 billion valuation as of January, regulators have opened various probes. There are ongoing investigations by the U.S. Justice Department, the Securities and Exchange Commission, and Commodity Futures Trading Commission, Reuters reported Monday.



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