The wallet address linked to the FTX exploit springs to life.
A recent uptick in transaction activity has been observed from an Ethereum address linked to the FTX exploit.
According to blockchain analytics firm Spot On Chain, the address, known as 0x3e9, has made transfers totaling more than 10,000 Ether (ETH), or approximately $17 million, to five different addresses as of September 30th.
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A considerable share of these transactions involved 7,749 ETH, equivalent to around $13 million, being sent to contracts for THORChain and Railgun. On top of that, the entity behind the address converted 2,500 ETH into 153.4 tBTC, valued at an average price of $27,281 per token.
It is worth noting that the initial hack happened almost 10 months ago, after the crypto exchange FTX declared its bankruptcy.
The move of funds comes shortly before the legal proceedings involving FTX co-founder Sam Bankman-Fried are set to commence. The trial will last approximately six weeks, starting with jury selection on October 3rd and initial hearings set for October 4th.
The mastermind behind FTX faces seven charges, including two primary allegations and five conspiracy charges. Despite pleading not guilty and several attempts to secure temporary release, the FTX co-founder remains detained.
The sudden movements from an address connected to the FTX exploit raise new questions as the crypto community is already on edge due to pending legal cases. The transfers, involving a significant amount of Ethereum, have highlighted the need for vigilance and add a sense of urgency to ongoing investigations. As legal procedures unfold and the market prepares for Sam Bankman-Fried's trial, the recent transactions serve as a poignant reminder of the challenges and risks that persist in cryptocurrencies.
