The global crypto market is trading under increased selling pressure due to the recent FTX collapse and hack. However, the FTX hacker has made it more strenuous for investors to trust the crypto market. The FTX drainer is now swapping Ethereum for Bitcoin amid a price dump.
FTX hacker swaps 15k Ethereum
According to Arkham, Crypto Intelligence, the FTX account drainer swapped 15K Ethereum to renBTC. It bridged out ETH to native BTC.
However, the tracking firm has identified the pattern of the drainer. It mentioned that the hacker is operating between 08:00 and 10:00 UTC. It is generating a new account for each operation. Meanwhile, the attacker is limited by the liquidity of renBTC. This is why it cannot bridge huge funds at once.
Data depicts that, 15K Ethereum (approx worth $16.78 million was swapped for 1023.64 Bitcoin (approx $16.47 million). The transaction resulted in a slippage of $312K. It added that traders are taking an advantage of this swapping by arbitraging the difference
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