FTX hacker is now the 35th largest holder of ETH


The hacker who exploited the now-bankrupt FTX exchange last week made a tidy fortune that propelled them to Ether (ETH) whale status.

Just a day after the embattled FTX exchange filed for Chapter 11 bankruptcy, wallets were emptied of more than $663 million worth of various crypto assets, according to blockchain intelligence firm Elliptic.

Elliptic suspected that $477 million of this was stolen, with much of those tokens then converted into ETH, while $186 million worth of over a hundred different tokens were believed to have been moved to secure storage by FTX itself.

As reported by Cointelegraph on Nov. 15, the attacker was still draining wallets four days later in what analysts called “on-chain spoofing.”

According to blockchain security firm Beosin, the attacker has performed multiple swaps and cross-chain transactions in the past day and currently holds about $338 million in crypto assets as of Nov. 15.

Included is a whopping 228,523 ETH according to the wallet’s address, worth approximately $288.8 million at current market prices.

This makes the account dubbed the “FTX Accounts Drainer” the 35th largest Ethereum holder in terms of the number of ETH held.

According to CoinCarp’s Ethereum rich list, the top holder is the Beacon Chain deposit contract which contains about 15 million ETH. In addition, most of the top 20 are crypto exchanges, layer-2 protocols, and Decentralized Finance (DeFi) bridges.

The top 20 ETH wallets hold 27.7% of the total circulating supply and the top 50 hold a third of all ETH.

The exploits took place on both FTX and FTX.US, leading many to speculate that it could be an inside job. Director of security operations at analytics firm Certik, Hugh Brooks, alluded to on-chain evidence suggesting so. He told Cointelegraph on Nov. 15 that unless a private key has been compromised, an insider with access to these wallets moving the money cannot be ruled out.

Related: FTX bankruptcy freezes millions in crypto company funds

Ether prices are unaffected by the possible discharge of the 35th largest holder flooding the markets.

At the time of writing, ETH was trading flat at $1,260 on the day according to CoinGecko. The asset has lost about 23% since the FTX debacle began.