The entity that moved funds out of crypto exchange FTX’s wallets last week has been swapping its coins to accumulate ETH, making it one of the biggest Ethereum whales in existence.
On Friday, FTX’s general counsel Ryne Miller released a statement on the company’s Telegram channel, saying the exchange had been hacked.
On-chain data revealed that nearly $400 million in crypto was moved out of the exchange’s wallets and into unknown Ethereum addresses. Now, it appears the entity that took the funds has been swapping the coins into ETH.
Blockchain security firm PeckShield reported a series of elaborate swaps initiated by the alleged hacker.
Over the last several hours, the entity appears to have consolidated almost all of its funds into ETH. The address currently has over 228,523.8 ETH worth about $289,585,402 at today’s prices.
According to Etherscan, the entity still has about $14 million in PAXGold (PAXG), token issued by Paxos that aims to stay pegged to the price of one ounce of gold. Paxos announced that it had frozen the PAXG related to the FTX hacker, which is appears to be why the gold-pegged tokens still sit in the entity’s wallet.
At time of writing, the account labeled “FTX Accounts Drainer” on Etherscan is now the 35th biggest Ethereum whale in the world.
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