FTX Hacker Converts 75,600 of Stolen ETH, Here's Which Network They're Using

@lookonchain account on X social media app (previously promoted as Twitter) has shared that the hacker who attacked the FTX exchange soon after it filed for bankruptcy in November last year and stole a great deal of Ethereum has begun to move his $ETH and convert it into other digital currencies.

Lookonchain tracker of "Smart Money" wallets wrote in the X post that the hacker has already swapped 75,636 $ETH into tBTC via the Threshold Network and cross-chained them to the Bitcoin network. This amount of $ETH is evaluated at roughly $124 million. The exploiter still owns nearly 110,000 $ETH worth $180 million, per Lookonchain.

All in all, the aforementioned hacker got away with nearly $500 million worth of crypto from FTX. He then swapped the majority of the stolen coins for Ethereum – around 180,000 $ETH, according to a Forbes report published earlier.

Whales remove astonishing $ETH amount from exchanges

According to a recent report by Santiment on-chain data vendor, two days ago, a staggering amount of Ethereum was shoveled from crypto exchanges into self-custody wallets. That was the biggest outflow from CEXes since Aug. 21, Santiment analytics team stated.

Now, after this, the $ETH supply on exchanges stands at the lowest point in more than 5.5 years, while the nonexchange $ETH supply has reached a historic peak of 115.88 million $ETH.

This week, between Oct. 2 and 5, the second largest cryptocurrency, Ethereum, lost 6.44%, falling from $1,729 to the $1,618 level. By now, $ETH has managed to recover the $1,631 price mark.