During the FTX disaster, the last thing investors needed was a sudden hacker attack resulting in the withdrawal of approximately $300 million in digital funds from the drowning centralized cryptocurrency exchange.
After successfully stealing user funds, the hacker quickly exchanged his holdings for Ethereum. The most likely reason for this withdrawal is the desire to “wash” these funds on decentralized coin mixing solutions to avoid any lawsuits in the future.
The FTX hacker is now the 27th largest holder of $ETH
250,735.11 / $304 Million
That’s enough for like one Ether Rock pic.twitter.com/czNeu6GupY
— Nansen Intern 🧭 (@nansen_intern) November 19, 2022
Unfortunately, on-chain investigators or representatives of the FTX exchange could not determine who could be linked to such theft of user funds, which sparked various speculations on social media channels about the potential affiliation. stock exchange managers, who had some sort of access to hot or cold portfolios.
Only a few weeks ago, hacker FTX was the 35th biggest holder on the Ethereum network, and now, thanks to good fund management, it has risen to 27th with the potential to enter the top 25.
However, it would be inaccurate to assume that the hacker is actually one of the largest Ethereum holders on the network. The majority of institutional investors or influencers spread their holdings across many portfolios to improve their resilience against potential attacks and scams.
For the foreseeable future, the FTX hacker has no choice but to somehow launder their funds in order to exchange them for fiat currencies in the future, which is why the high place at the top of the Ethereum network should be temporary.