The whole cryptocurrency market has been hampered by FUD since news about the FTX exchange started circulating. Authorities are learning startling details about SBF and the exchange on a daily basis.
On November 19, PeckShieldAlert tweeted that the primary cryptocurrency wallet connected to an FTX drainer was holding 250,735.1 Ethereum [ETH] tokens. As of publication, the value of these ETH tokens was $302.6 million. With this, the drainer’s wallet surpassed all others to contain the 27th-largest amount of ETH.
One connected account recently exchanged more than 44,000 BNB for 3,000 ETH and $7.5 million in stablecoins, according to the most recent transactions. Following the exchange of these stablecoins for 6,200 ETH, a total of 9,200 ETH were transferred to the principal FTX drainer wallet. Additionally, over 10,000 ETH were transferred from two additional connected wallets to the primary wallet.
The fund from FTX was diverted last week to various wallets. Zack Voell, a Twitter user, identified $400 million in allegedly dubious transactions. At about the same time, FTX declared bankruptcy after its downfall.
An unconnected cryptocurrency wallet account exchanged 34,000 BNB for 4,500 ETH and three million Binance USD at the beginning of this week. In addition, 87.5% of the wallet included ether. The wallet owner, who was also the 34th largest ETH holder at the time, also moved further amounts of ETH ($5.1 million) and ($3.3 million), respectively, into the main wallet.
A Hack Or An Inside Job Is At Play In The FTX Mystery.
Whether or not these transactions were connected to a hacking scheme or an inside job has been the subject of speculative discussion. Particularly in light of the fact that FTX had stopped user withdrawals after the disclosure of its financials.
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These information were included by FTX in its court-filed bankruptcy petition. The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the U.S. Attorney’s Office have all been notified, according to FTX.
Given the extensive transactional history, it will be difficult for regulatory bodies to recover these funds as they continue their investigation. According to FTX, it has assets and liabilities totaling $10 to $50 billion and more than 100,000 creditors.