FTX Hacker Moves 5,000 Ethereum, What It Means For ETH Price

FTX Hacker Moves 5,000 Ethereum, What It Means For ETH Price

Close to an year after the FTX hack involving the loss of $600 million worth of tokens, there is fresh movement from the address belonging to the exploiter 0x3e957, on chain data showed on Saturday, September 30, 2023. Does it mean the hacker is looking for the right ETH price to dump his tokens?

Also Read: BTC Price Showing Early Bullish Signs Before US Government Shutdown?

FTX Exploiter Transfers Ethereum

According to on chain data from Spotonchain, the FTX exploiter had activated his address for the first time after several months. The wallet currently holds as many as $16.75 million ETH tokens. In two spells of token transfers, the exploitered transferred 2,500 ETH worth $4 million each, the data showed. Such token transfers are usually associated with selloff activity, a move that could negatively impact the price for the small investors. Will the ETH price take a bullish trend soon with the launch of the various Ethereum ETFs in the United States?

Ethereum ETF Launch

Another catalyst to the ETH price could be the launch of Ethereum based ETF from various firms on October 2, 2023. If things go as expected with the SEC following a US government shutdown, the U.S. Securities and Exchange Commission (SEC) may give an accelerated approval to the launch of as many as nine ETF products on October 2.

Ethereum ETF

Meanwhile, the risk of a US government shutdown may likely trigger a Bitcoin BTC price owing to the adverse impact on the banking industry.

Also Read: VanEck To Donate Ethereum Strategy ETF Profits; Bullish For ETH Price

✓ Share:

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!