The FTX account drainer swapped around $6M worth of ETH for wrapped Bitcoin.
Ethereum’s price is trading below $1,200 on Sunday, charting a decrease of around 3.5% in the past 24 hours.
This happens as the FTX account drainer is swapping ETH for wrapped Bitcoin.
Data from the popular security resource, PeckShield, revealed that the address that drained funds from FTX is swapping ether for BTC.
The “FTX Account Drainer” dumped around $6 million worth of ETH (around 5K ETH) and bought 357 renBTC.
Source: Twitter
This is causing pressure on ETH’s spot price, which is currently down some 3.5% (on Binance) for the past 24 hours.
As to who the drainer may be, CryptoPotato recently reported that the Securities Commission of the Bahamas assumed control of associated assets. Per a media release shared by authorities:
On 12 November 2022, the Securities Commission of The Bahamas, in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of FTX Digital Markets to a digital wallet controlled by the Commission, for safekeeping.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
