FTX Hacker's Wallet Activity Surfaces as Ethereum ETFs Approach US Debut

FTX Hacker's Wallet Activity Surfaces as Ethereum ETFs Approach US Debut Almost a year after the FTX hack, during which $600 million in tokens were stolen, on-chain data has revealed recent activity in the perpetrator's wallet, identified as 0x3e957, on Saturday, September 30, 2023. This activity is occurring closely to the launch of Ethereum-based ETFs in the United States. On-Chain Activity Resurfaces Based on on-chain data from Spot On Chain, the exploiter recently activated their address after a prolonged period of inactivity. Presently, the wallet contains a substantial sum of $16.75 million worth of Ether (ETH). ETH Price Concerns The data reveals two transactions in which the exploiter moved 2,500 ETH, each valued at $4 million. Such transfers are often associated with selling activity, potentially impacting the price of ETH and affecting smaller investors. Moreover, this raises concerns about the potential influence of the hacker on the market. Bullish Trend on the Horizon? Interestingly, the price of ETH could soon experience a bullish trend with the impending launch of various Ethereum exchange-traded funds (ETFs) in the United States. Several companies are eagerly awaiting approval from the U.S. Securities and Exchange Commission (SEC), which may grant accelerated approval for up to nine ETF products on October 2. The Confluence of Events The juxtaposition of the hacker's wallet activity and the imminent ETF launch creates a situation of uncertainty within the Ethereum market. While the ETFs hold the promise of broader adoption and increased institutional participation, the resurfacing of the FTX hacker's wallet introduces an element of unpredictability. Investors and traders in the Ethereum space are closely monitoring these developments, as they could significantly impact the price and stability of ETH in the near term. The crypto community will be watching the SEC's decision closely, as it may provide further insights into the regulatory stance on crypto ETFs and their potential impact on the market.