An address linked to FTX moved $17M in ETH, while FTX co-founder’s trial on fraud charges is set to begin.
In a recent turn of events, an address associated with the FTX exploit moved a staggering amount of over 10,000 Ether, equivalent to approximately $17 million. This activity took place across five distinct addresses starting on Sept. 30. Prior to this sudden activity, these addresses had shown no signs of movement for several months.
Diving deeper into the transactions, the exploiter directed a significant 7,749 ETH, valued at close to $13 million, towards the THORChain router and Railgun contract. Additionally, the individual executed a swap of 2,500 ETH, translating to an approximate value of $4.19 million. This amount was converted into 153.4 tBTC, with each token priced at an average of $27,281.
For context, during the initial hacking incident that took place on Sept. 30, the FTX platform saw losses that came close to 50,000 ETH. With the financial market buzzing in anticipation of the Ethereum futures ETFs set to launch on Oct. 2, these transactions add another layer of intrigue.
Trial for SBF Begins Soon
In related news, October will also witness the beginning of the trial for FTX co-founder Sam Bankman-Fried. Slated to commence with the selection of the jury on Oct. 3, the court proceedings will officially kick off on Oct. 4. Facing a total of seven charges connected to alleged fraudulent practices, Bankman-Fried has two substantive and five conspiracy charges to contest.
Asserting his innocence, Bankman-Fried has entered a plea of not guilty for all the charges leveled against him. Despite his multiple efforts to obtain temporary release, the FTX founder continues to be held in custody. Judge Lewis Kaplan, in his most recent judgment, denied Bankman-Fried’s plea for release. The decision was primarily based on concerns over potential flight risks.
In light of these events, the crypto community and investors will be keenly watching the trial and the FTX platform. As the developments unfold, the potential impact on Ethereum’s future and the broader market remains a topic of interest.