The person(s) that hacked FTX after its crash is now the 35th largest ETH holder, making the hacker one of the largest ETH whale in the market.
The hacker took around $477 million worth of cryptocurrencies out of the $660 million that was actually drained from the exchange. That FTX hacker is now one of the largest ETH whale. FTX presumably moved the funds to a secure storage by FTX.
The hack took place one day after FTX filed for bankruptcy, given its solvency issues.
Around $288 million worth of cryptocurrencies were converted to ETH with the rest being kept in other cryptocurrencies. Even days after the hack, the hacker continued to take cryptocurrencies from various wallets.
The hacker has been quite actively swapping cryptocurrencies. This hacker possesses around $340 million worth of cryptocurrencies at the time of writing.
With more than 220,000 ETH stolen, this hacker is now in the top 35 rankings for ETH holdings. Concerned enough, users are questioning the motives of the hacker and how he/she may impact Ethereum. This comes due to the fact that the top 50 ETH hodlers own around 33% of Ether’s circulating supply.
Some are suggesting that the hack was an inside job. This comes due to on-chain evidence that suggests that there must have been a private key to access and move the funds as simply as the hacker did.
Still, many believe that Sam Bankman-Fried himself, the founder of FTX, hacked FTX exchange. This belief comes due to the back door withdrawal that Sam had created himself for FTX.
Nonetheless, even though the hack has not largely impacted the price of ETH, it could easily aggravate investor sentiment and affect the price of ETH in the coming weeks.