HomeCoinsEthereum (ETH)'FTX drainer' swaps another 20,000 ether for bitcoin

‘FTX drainer’ swaps another 20,000 ether for bitcoin

- Advertisement -


The individual or entity behind suspicious withdrawals from embattled crypto exchange FTX — commonly called the “FTX Drainer” — has continued to swap ether for bitcoin. It has now moved $72 million worth of value across both blockchains via the Ren BTC Gateway, a crypto bridge used to move transfer tokens from one network to another.

The main FTX drainer wallet held 250,000 ether ($302 million at the time) on Saturday after consolidating ether holdings from other wallets. Following this consolidation of funds, the alleged hacker began swapping ether for bitcoin. This process usually involved sending a batch of ether to a new wallet before swapping for bitcoin, which was done by trading ether for renBTC, a tokenized version of bitcoin issued by Ren. After the swap, the hacker bridges the renBTC to the Bitcoin blockchain using Ren’s crypto bridge service.

The individual or entity in question swapped 20,000 ETH ($22.4 million) for 1,023 renBTC ($16.3 million) on Monday. This follows the 50,000 ETH exchanged for 3,517 renBTC on Sunday. Blockchain security outfit PeckShield has been monitoring these transactions and on-chain data shows the hacker has bridged all 4,540 renBTC ($72.6 million) to Bitcoin, as of the time of publishing. PeckShield also tracked a Bitcoin wallet holding some of the bridged funds — this wallet currently holds 2,444 BTC ($39.4 million).

These fund movements have caused the FTX drainer to drop slightly down the list of addresses holding the most ether. On Saturday, the hacker was the 27th-largest ether holder but now has fallen to the 36th position.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 16,190.33
ethereum
Ethereum (ETH) $ 1,165.45
tether
Tether (USDT) $ 0.999529
bitcoin-cash
Bitcoin Cash (BCH) $ 108.63
litecoin
Litecoin (LTC) $ 71.36
eos
EOS (EOS) $ 0.897002
okb
OKB (OKB) $ 20.42
tezos
Tezos (XTZ) $ 0.97411
leo-token
LEO Token (LEO) $ 3.80
cardano
Cardano (ADA) $ 0.305732
monero
Monero (XMR) $ 135.10
stellar
Stellar (XLM) $ 0.087394
chainlink
Chainlink (LINK) $ 6.77
huobi-token
Huobi (HT) $ 6.34
tron
TRON (TRX) $ 0.052922
usd-coin
USD Coin (USDC) $ 0.999591
dash
Dash (DASH) $ 39.49
neo
NEO (NEO) $ 6.57
iota
IOTA (MIOTA) $ 0.206798
nem
NEM (XEM) $ 0.032571
zcash
Zcash (ZEC) $ 39.18
maker
Maker (MKR) $ 653.66
paxos-standard
Pax Dollar (USDP) $ 0.998931
ethereum-classic
Ethereum Classic (ETC) $ 19.03
vechain
VeChain (VET) $ 0.018238
true-usd
TrueUSD (TUSD) $ 1.00
kucoin-shares
KuCoin (KCS) $ 6.72
waves
Waves (WAVES) $ 2.32