An address linked to the FTX exploit, identified as 0x3e9, has moved over 10,000 ETH, equivalent to more than $17.1 million, across five different addresses in the past 24 hours, as reported by Spot On Chain. These addresses had been dormant for months before the recent activity.
Significant ETH Transfers and Swaps
Within these transactions, a substantial portion of 7,749 ETH, valued at $13 million, was sent to the Thorchain router and Railgun contract. Additionally, the exploiter conducted a swap involving 2,500 ETH, worth $4.19 million, converting it into 153.4 tBTC at an average rate of $27,281 per token. The address, which has recently become active, is expected to continue transferring, likely to Thorchain.
The initial hack on Sept. 30 resulted in nearly 50,000 ETH in losses. These incidents have placed downward pressure on the ETH price, which currently hovers slightly above $1,650. This comes as the market awaits the launch of Ethereum futures ETFs on Oct. 2.
Sam Bankman-Fried’s Trial Looms
FTX co-founder Sam Bankman-Fried, known as SBF, is set to go to trial in October after his extradition to the United States following an arrest in The Bahamas. The trial, scheduled to last six weeks, commences with jury selection on Oct. 3 and initial court proceedings on Oct. 4.
Charges and Legal Proceedings
SBF faces a total of seven charges related to fraudulent activities, including two substantive charges and five conspiracy charges. Throughout the legal proceedings, he has consistently pleaded not guilty to all allegations. Despite multiple attempts to secure temporary release, Bankman-Fried remains in custody at the Metropolitan Detention Center. His recent release request was denied by Judge Lewis Kaplan, citing concerns of a possible flight risk.
These developments mark a crucial period for FTX and its co-founder as they grapple with the aftermath of the exploit and legal challenges ahead.