$17M in ETH Moved in Last 24 Hours on Crypto Market

Crypto Market Activity Surrounding the FTX Exploit

The crypto market has been abuzz with activity as of late due to the FTX exploit, which resulted in the loss of around 50,000 Ether (ETH) worth roughly $17 million. On Sept. 30, an address linked to the exploit, 0x3e9, conducted transfers of over 10,000 ETH across five different addresses. These addresses had been inactive for months before the recent activity.

A significant portion of the 7,749 ETH, worth roughly $13 million, was directed toward the THORChain router and Railgun contract. Additionally, the exploiter conducted a swap of 2,500 ETH, worth around $4.19 million, converting it into 153.4 tBTC at an average price of $27,281 per token.

The hack occurred just as the crypto market was preparing for the launch of Ethereum futures ETFs on Monday, Oct. 2.

FTX Co-Founder Sam Bankman-Fried’s Trial Set to Begin

The trial of FTX co-founder Sam Bankman-Fried is set to begin in October, and is expected to last six weeks. Initial court proceedings are scheduled to start on October 4th, following jury selection on October 3rd. Bankman-Fried is facing seven charges related to alleged fraudulent activities, including two substantive charges and five conspiracy charges, all of which he has pleaded not guilty to.

Despite numerous attempts to secure temporary release from custody, Judge Lewis Kaplan denied Bankman-Fried’s most recent request, citing concerns about the possibility of him fleeing the crypto market.