Following the recent hack of the FTX exchange, the hacker reportedly converted the looted funds into Ethereum worth an estimated $288 million, making him the 35th largest holder of ETH, according to a post.
This implies that the hacker has entered a whale status with a huge tendency to influence the market, which poses a threat.
Recall that FTX, was attacked just a day after filing for Chapter 11 bankruptcy, resulting in the theft of more than $663 million in various digital assets, according to data from blockchain intelligence firm Elliptic.
Elliptic further revealed that while some of the funds were converted to Ethereum, others were consigned in secure storage.
The claim was corroborated by blockchain security firm Beosin, which stated that the attacker has carried out multiple swaps coupled with cross-chain operations since the hacking was successfully executed.
CoinCarp’s Ethereum rich list also signified that the attacker is now a force to be reckoned with having attained 35th position in the ladder topped by Beacon Chain deposit contract with over 15 million ETH.
It is noteworthy that the top 20 ETH wallets possess 27.7% of the entire ETH tokens in circulation while the top 50 wallets hold a third of all ETH tokens.
As of now, Ethereum being the second largest cryptocurrency by market capitalization, has not been impacted by the potential dump that might be triggered by its 35th largest holder.
At the time of writing, ETH is exchanging hands on a flat trend at $1,245 according to CoinMarketCap.
Threats to Crypto Market
Following the revelation that the hacker of FTX is now the 35th largest holder of ETH, popular crypto analysts like Satoshi Stacker stated that it might be impossible for the new whale to withdraw the funds but warned that the market might be manipulated.
He emphasized that the action might leave the hacker with less profit than the current value of ETH but that might be the best way to get away with the funds; hence, ETH investors are advised to be on the look-out.
