FTX hacker’s wallet stirs as Ethereum ETFs prepare for U.S. debut

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Almost a year following the FTX hack that resulted in the loss of $600 million in tokens, on-chain data indicated recent activity in the wallet of the perpetrator, identified as 0x3e957, on Saturday, Sept. 30, 2023. This is occurring closely to the launch of Ethereum-based ETF in the United States.

Based on on-chain data sourced from Spotonchain, the individual responsible for the FTX incident recently activated their address after a prolonged period. Presently, the wallet contains a substantial sum of $16.75 million in ETH tokens.

The data reveals two separate transactions in which the exploiter moved 2,500 ETH, each valued at $4 million. Such transfers are often linked to selling activity, potentially exerting downward pressure on prices and affecting smaller investors. The ETH price could take a bullish trend soon with the launch of the various Ethereum ETFs in the United States.

The introduction of Ethereum-based ETFs by several companies on October 2, 2023, marks another potential factor influencing ETH’s price. If all goes according to plan, and the U.S. Securities and Exchange Commission (SEC) grants accelerated approval for up to nine ETF products on that date, it could have a significant impact.

Related: Valkyrie backtracks on Ether futures contract purchases until ETF launch

Simultaneously, the looming risk of a U.S. government shutdown may pose a potential threat to Bitcoin (BTC) prices due to its adverse effects on the banking sector.

Magazine: Can you trust crypto exchanges after the collapse of FTX?





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