New Data Shows FTX Hackers Are Accumulating Ethereum Tokens, But Why?

FTX is one of the world-famous cryptocurrency exchanges that recently collapsed, and the cryptocurrency exchange has undergone a hack where perpetrators are collecting Ethereum tokens. The company facilitates trading and liquidity for digital tokens and coins. FTX allows users to easily connect to their wallets, access a wide variety of derivative contracts, and conduct trades.

Everything was working fine until the exchange crashed. Many institutional and retail investors have suddenly found themselves in an unimaginable quandary. FTX is currently filing for bankruptcy, but things are getting worse.

The company reported a system hacking incident last Friday.The incident came after the company filed for bankruptcy protection. About $400 million was looted from the wallet, according to a cryptocurrency exchange report.

FTX Hacker Collects Ethereum

The exchange also recently had around $600 million in digital tokens stolen. The culprits are now collecting Ethereum tokens in preparation for the sale.

Meanwhile, the company’s primary Accounts Drainer has approved the trading of a digital token called $DAI on the GPv2VaultRelayer. on-chain data It shows that about 21,155 Ethereum was transferred from several other Accounts Drainers to the FTX Accounts Drainer.

Meanwhile, hackers have already amassed balances in two digital tokens: Ethereum and DAI.information from Arkham Intelligence He said it would be impossible to freeze or blacklist these tokens on the Ethereum mainnet. Arkham Intelligence is a crypto intelligence organization known in the crypto space.

A crypto intelligence platform is investigating the culprit’s operations. That assessment revealed that the hackers were somewhat frightened. There seems to have been a spill, causing them great losses.

So, to avoid further outflows, they decided to carry out a bulk sale of several digital tokens. They include MATIC, LINK, and PAXG. According to Arkham, the transactions were made on multiple decentralized exchanges including DODO, linch, CowSwap and UniSwap.

News details

After last Friday’s looting, the company revealed how much money the hackers had in store. According to reports, the hackers have about $339 million worth of cryptocurrency in their wallets.

Details of the digital tokens and their associated amounts are as follows:

• Polygon Matic Bridge (MATIC) has up to $3.8 million in funding.
• The Tether stablecoin (USDT) runs on the Avalanche blockchain and has $4 million in assets.
• $44M BNB – Binance’s native cryptocurrency.
• DAI – Maker stable token is $48 million.
• Also, Ethereum, the blockchain digital token of Ethereum, was worth up to $215 million.

US authorities are trying to limit withdrawals from accounts by attackers. As a result, we instructed Paxos to blacklist all accounts in question. This action prevents the attacker from cashing her PAXG token, which is his Paxos stablecoin worth $20 million.

Featured image from Pixabay, chart from TradingView.com