FTX Drainer Swapping Ethereum To Bitcoin; Will ETH Price Drop More?

The global crypto market is trading under increased selling pressure due to the recent FTX collapse and hack. However, the FTX hacker has made it more strenuous for investors to trust the crypto market. The FTX drainer is now swapping Ethereum for Bitcoin amid a price dump.

FTX hacker swaps 15k Ethereum

According to Arkham, Crypto Intelligence, the FTX account drainer swapped 15K Ethereum to renBTC. It bridged out ETH to native BTC.

However, the tracking firm has identified the pattern of the drainer. It mentioned that the hacker is operating between 08:00 and 10:00 UTC. It is generating a new account for each operation. Meanwhile, the attacker is limited by the liquidity of renBTC. This is why it cannot bridge huge funds at once.

Data depicts that, 15K Ethereum (approx worth $16.78 million was swapped for 1023.64 Bitcoin (approx $16.47 million). The transaction resulted in a slippage of $312K. It added that traders are taking an advantage of this swapping by arbitraging the difference created between renBTC and WBTC.

How much hacker holds now?

PeckShieldAlert reported that the FTX accounts drainer 1 currently holds 185.735K Ethereum (approx worth $270 million). It has now dropped to the 43rd largest ETH holder.

Coingape reported that an FTX hacker who stole around $600 million from the collapsed crypto exchange is constantly swapping ETH for BTC. Earlier, the drainer converted all the stolen stablecoins to Ethereum (approx worth $288 million).

However, Ethereum has received a huge blow amid recent market conditions. The world’s second largest crypto price declined by over 8% over the past 24 hours. It is trading at an average price of $1,119, at the press time.

Bitcoin price has dropped by a whopping 17% over the past 30 days. BTC is trading at an average price of $16,046, at the press time. As per the data, more than $59 million have been liquidated from Bitcoin over the past 24 hours.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.