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FTX hacker transfers 2500 ETH ahead of crucial Ethereum event.

Is the FTX hacker waiting for the ideal ETH price to sell tokens before the US Ethereum ETF launch sparks a rally?

by V. Sinclair
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Nearly a year after the FTX hack, which resulted in the loss of $600 million worth of tokens, there has been recent activity from the address associated with the exploiter, 0x3e957, as shown by on-chain data on Saturday, September 30, 2023. This raises the question of whether the hacker is waiting for the right ETH price to sell their tokens.

According to Spotonchain’s on-chain data, the FTX exploiter activated their address for the first time in several months. The wallet currently holds approximately $16.75 million worth of ETH tokens.

In two separate transfers, the exploiter moved 2,500 ETH, each valued at $4 million, as indicated by the data. Such token transfers are typically associated with selling activity, which could have a negative impact on the price, particularly for smaller investors.

The launch of various Ethereum ETFs in the United States on October 2, 2023, could potentially contribute to a bullish trend in the ETH price. If the US Securities and Exchange Commission (SEC) proceeds with an accelerated approval process despite the risk of a government shutdown, up to nine ETF products may be launched on that day.

It is worth noting that the risk of a US government shutdown could also have implications for the Bitcoin (BTC) price due to its potential adverse impact on the banking industry.

Overall, the recent movement from the FTX exploiter’s address and the upcoming Ethereum ETF launch have raised speculation about the hacker’s intentions and the potential impact on the ETH price.

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