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Nearly a year after the FTX hack that led to the theft of $600 million in tokens, on-chain data revealed recent activity in the wallet of the hacker, known as 0x3e957, on Saturday, Sept. 30, 2023. This comes just ahead of the launch of Ethereum-based ETFs in the United States.
According to on-chain data from Spotonchain, the individual behind the FTX breach has recently reactivated their address after an extended period of inactivity. Currently, the wallet holds a significant amount of $16.75 million in ETH tokens.
FTX Exploiter 0x3e957 just moved 2500 $ETH ($4.2M) to new addresses
This is the first time the address has been active since the hack 10 months ago. The address still holds 12.5K $ETH
Follow the next actions via our platform at
https://t.co/7LnmryLvhL pic.twitter.com/yl2NnMwaqW— Spot On Chain (@spotonchain) September 30, 2023
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The data indicates two distinct transactions where the exploiter transferred 2,500 ETH, each valued at $4 million. Such movements are frequently associated with selling activities, which could apply downward pressure on prices and impact smaller investors. The ETH price may experience a bullish trend soon with the introduction of various Ethereum ETFs in the United States.
The rollout of Ethereum-based ETFs by multiple firms on October 2, 2023, represents another potential factor that could influence ETH’s price. If everything proceeds as anticipated, and the U.S. Securities and Exchange Commission (SEC) provides expedited approval for up to nine ETF products on that date, it could have a notable effect.
Related: Valkyrie backtracks on Ether futures contract purchases until ETF launch
At the same time, the impending threat of a U.S. government shutdown may pose a risk to Bitcoin (BTC) prices due to its negative implications for the banking sector.
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