The FTX wallet drainer has transferred roughly $200 million worth of Ethereum (ETH) to various addresses
According to data provided by blockchain security firm PeckShield, the hacker who hijacked the now-bankrupt FTX cryptocurrency exchange has just transferred 180,000 Ethereum (ETH) tokens to 12 different addresses.
The aforementioned tokens are worth roughly $199 million at the time of writing.
The bad actor drained roughly $447 million out of the failed exchange and its US-based subsidiary shortly after FTX Global filed for bankruptcy.
The FTX wallet drainer instantly became one of the biggest holders of the second-largest cryptocurrency.
On Nov. 20, the wallet moved 50,000 ETH tokens to a new address. The hacker then swapped the stolen tokens to Ren Bitcoin (renBTC), a version of Bitcoin that is powered by the Ethereum blockchain. Notably, the renBTC token has ties to Alameda Research, a failed trading firm closely linked to FTX Group.
According to security-focused blockchain analytics platform CertiK, the hacker is laundering the ill-gotten crypto through several intermediate addresses, which is a transaction pattern known as a “peel chain.”
ETH is currently trading at $1,114 after declining 8.9% over the last 24 hours.