FTX Hacker Converts 75,600 of Stolen ETH, Here’s Which Network They’re Using

@lookonchain account on X social media app (previously promoted as Twitter) has shared that the hacker who attacked the FTX exchange soon after it filed for bankruptcy in November last year and stole a great deal of Ethereum has begun to move his ETH and convert it into other digital currencies.

Lookonchain tracker of “Smart Money” wallets wrote in the X post that the hacker has already swapped 75,636 ETH into tBTC via the Threshold Network and cross-chained them to the Bitcoin network. This amount of ETH is evaluated at roughly $124 million. The exploiter still owns nearly 110,000 ETH worth $180 million, per Lookonchain.

All in all, the aforementioned hacker got away with nearly $500 million worth of crypto from FTX. He then swapped the majority of the stolen coins for Ethereum – around 180,000 ETH, according to a Forbes report published earlier.

Whales remove astonishing ETH amount from exchanges

According to a recent report by Santiment on-chain data vendor, two days ago, a staggering amount of Ethereum was shoveled from crypto exchanges into self-custody wallets. That was the biggest outflow from CEXes since Aug. 21, Santiment analytics team stated.

Now, after this, the ETH supply on exchanges stands at the lowest point in more than 5.5 years, while the nonexchange ETH supply has reached a historic peak of 115.88 million ETH.

This week, between Oct. 2 and 5, the second largest cryptocurrency, Ethereum, lost 6.44%, falling from $1,729 to the $1,618 level. By now, ETH has managed to recover the $1,631 price mark.