FTX Chaos Persists – The FTX exchange is experiencing unheard-of chaos. Thus, it suffered a cyberattack in addition to its insolvency brought on its disorganized money management. It was taken more than $400 million. This windfall elevates the hacker to the status of one of Ethereum’s largest whales going forward.
Hack And FTX Funds Conversion.
In conjunction with its position of liquidation, a significant hack was conducted against the FTX platform on November 12. Various cryptocurrencies worth more than $400 million in total were taken.
In reality, the hack’s circumstances are just like the FTX scandal: quite hazy. In fact, the hacker was successful in stealing money from a cold wallet. Knowing that these wallets are utilized primarily for their security and lack of network connectivity makes this maneuver spectacular. There are clearly a lot of ideas about this scenario, one of which being that FTX is responsible for its own hack.
In any case, the hacker maintains his composure. In spite of the fact that the Kraken platform appears to have been successful in locating the assailant, he does not appear alarmed.
As a result, he stealthily changed the proceeds of his robbery into DAI before transferring them into ETH. The attacker exchanged 37,570 ETH for a total of 48.27 million DAI, according to the business PeckShield.
FTX Hacker is a new whale in the ETH ecosystem.
The attacker had stolen hundreds of thousands of ETH on FTX in addition to the 37,570 ETH earned after converting the different cryptocurrencies he had in his control.
The attacker presently holds 228,523 ETH in total, which is equivalent to $283 million at the current exchange rate. $14 million more is added to these money in the form of multiple ERC-20s.
He stole so much money from FTX that he is currently the network’s 35th-largest ETH holder.