Parallel drama unfolds as FTX exploiter and ex-CEO both make headlines.
Just as the courtroom drama unfolds around Sam Bankman-Fried, the former CEO of now-defunct crypto exchange FTX, the individual suspected of exploiting the crypto exchange FTX has begun moving millions in Ether (ETH).
The timing coincides with the opening stages of Bankman-Fried’s trial, where he faces multiple fraud and money laundering charges.
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In the last 24 hours, the FTX exploiter moved $37 million worth of Ether. According to Spot On Chain’s data, between September 30th and October 1st, four addresses associated with the FTX exploiter transferred 10,250 ETH, valued at approximately $17.1 million.
The saga goes back to November 11th, 2022, when FTX accounts were drained of a staggering $600 million. This happened shortly after FTX filed for Chapter 11, and FTX’s general counsel, Ryne Miller, informed the trading community that the platform was compromised.
FTX has been hacked. Chat is open. Please don’t go to the FTX site, as it might download Trojans. Note that some funds were retrieved.
The suspected exploiter’s wallet has seen a significant reduction in its Ether holdings. Initially, the balance stood at 175,496 ETH, or roughly $294 million. The current balance now reflects $196.014 million.
Since the end of September, a total of 67,500 ETH has been moved from five of the 15 known wallet addresses connected to the FTX exploiter. Notably, 64,948 ETH ($108 million) went through the THORchain router, 52 ETH (approximately $84,000) was sent to the tract, and the remaining 2,500 ETH ($4.19 million) was converted to Bitcoin (tBTC).
On the legal front, the trial against Bankman-Fried officially kicked off on October 3rd. The entrepreneur has denied all allegations, pleading not guilty to all seven counts of fraud and money laundering.
The Department of Justice and the defense team made their opening statements to the jury on the second day of the trial. The prosecution focuses on Bankman-Fried’s supposed role in misleading investors, while the defense portrays him as a young entrepreneur whose business simply didn’t pan out as hoped.
While Sam Bankman-Fried battles in court to clear his name, the suspected FTX exploiter has resurfaced, initiating sizable Ether transactions. The simultaneous developments add another layer of complexity to the already convoluted FTX case.
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she’s not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.
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