Nearly a year has passed since the infamous FTX hack, which saw cybercriminals abscond with a staggering $600 million in tokens.
However, on Saturday, September 30, 2023, on-chain data unveiled intriguing activity within the perpetrator’s wallet, identified as 0x3e957.
This revelation unfolds in close proximity to the imminent launch of an Ethereum-based ETF in the United States.
Spot On Chain, a reliable source for on-chain data, has recently detected a resurgence in activity emanating from the exploiter’s address.
Currently, this enigmatic wallet contains a substantial treasure trove of $16.75 million worth of Ether.
Further examination of the data exposes two significant transactions involving the movement of 2,500 ETH each, a combined value of $4 million.
Such transfers often correlate with selling activities, which could potentially exert downward pressure on the price of Ether, thereby impacting smaller investors.
Conversely, there is a tantalizing prospect that the price of ETH could embark on a bullish trajectory in the near future, coinciding with the launch of several Ethereum exchange-traded funds (ETFs) within the United States.
READ MORE: Marathon Digital Mines Invalid Bitcoin Block in Experiment, Network Resilience Proves Robust
Multiple companies are eagerly awaiting the approval of the U.S. Securities and Exchange Commission (SEC), which is poised to make a momentous decision on October 2.
If granted, this decision could greenlight up to nine ETF products, facilitating unprecedented access to Ethereum for mainstream investors.
The convergence of these developments is poised to inject significant volatility into the Ethereum market.
Investors and enthusiasts alike are keenly observing the situation, gauging the potential impact on ETH prices and the broader cryptocurrency landscape.
The lingering specter of the FTX hack, with its audacious $600 million heist, continues to cast a shadow over the crypto world, serving as a stark reminder of the importance of security and vigilance in this rapidly evolving digital frontier.
As we approach the fateful SEC decision date, the crypto community braces itself for the possible repercussions, hoping that the launch of Ethereum-based ETFs can bring not only increased accessibility but also stability and legitimacy to the world of cryptocurrencies in the United States.
Other Stories:
Do Kwon Requests Extradition Denial Amidst SEC Investigation
Fornite Developer Cuts 16% of Workforce Amid Metaverse Revenue Shortfall
Chinese Consultant Fined $144,907 for Unauthorized VPN Use
