BTC and ETH Prices Expected to Experience a fall as FTX Hacker Makes a Move

Once again, Ether (ETH) is facing the impact of a move being made by a hacker who had stolen funds from the FTX exchange.

Hackers Drained More than $450 Million

Just when the FTX exchange announced its bankruptcy, a hacker made an attempt again at the FTX and FTX USA exchanges. He was successful in his attempt as he got to steal over $450 million worth of crypto.

The entire incident took place on November 11, a day after the FTX exchange announced it had filed for Chapter 11 bankruptcy.

Since then, the hacker has continued making the headlines as he has continued moving the stolen assets here and there.

Once again, the hacker has come into action. This time, the hacker is on the move with the BTC tokens but as the hacker also has ETH in possession, investors fear a sellout for both crypto.

For now, it has been recorded that the hacker is attempting to launder BTC funds and has even used a BTC mixer for that purpose.

Funds Transferred by the Hacker

ZachXBT, a Twitter user has made a new claim about the hacker is on the move.

ZachXBT is an analyst who is now claiming that the hacker has recently moved a portion of the funds to a crypto exchange. This time, the hacker has transferred funds over to the OKX exchange.

To achieve this, the hacker used the ChipMixer, which is a mixer for Bitcoin. The hacker has sent over $4.1 million worth of BTCs to the OKX exchange, which currently stands for 225 BTC.

This is not the first time the hacker has used the ChipMixer for moving the funds. The first time the hacker used the ChipMixer was back on November 20.

At that time, the hacker also used Ren Bridge, which is a platform that helps form a bridge between different cryptocurrencies.

OKX is looking into the Matter

Following the claims from ZachXBT, the teams at OKX exchange have started investigating the addresses where these funds have been received from.

The OKX Director replied to ZachXBT’s claim on Twitter confirming that they are currently looking into the matter. The team is now monitoring the flow of crypto coming in from the wallet.

However, they cannot be certain if the wallet is indeed in possession of the hackers or not. Therefore, the OKX exchange cannot take any actions straightaway.

Impact on BTC and ETH

Given the current crypto market condition, even a small sale of BTC and ETH has the potential to cause great harm to the crypto industry.

The hacker had drained $663 million worth of crypto from FTX that were in BTC and ETH. So far, the hacker has sold half of the ETH in his possession but still has a large quantity of BTC left.

If the hacker sells all of the coins in a single go, it could trigger major selling sprees for both tokens.

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