Worldsfeed Tech Desk: In recent news, an exploit related to the cryptocurrency exchange FTX has seen over $17 million worth of Ethereum (ETH) being moved within a 24-hour period. The perpetrator behind this activity, identified as 0x3e9, had previously conducted transfers involving more than 10,000 ETH, equivalent to approximately $17 million. This activity took place across five different addresses and is drawing significant attention from the crypto community.
A substantial portion of the 7,749 ETH, worth around $13 million, was transferred to the THORChain router and Railgun contract. Additionally, the exploiter engaged in a swap involving 2,500 ETH, amounting to roughly $4.19 million, converting it into 153.4 tBTC at an average price of $27,281 per token.
This situation follows an initial hack on Saturday, September 30, which resulted in approximate losses of nearly 50,000 ETH. The ongoing developments in this case are closely monitored by the cryptocurrency market, particularly as it anticipates the launch of Ethereum futures Exchange-Traded Funds (ETFs) on Monday, October 2.
Simultaneously, the trial of FTX co-founder Sam Bankman-Fried is set to commence in October. This trial is expected to last for six weeks, beginning with jury selection on October 3, followed by the initiation of court proceedings on October 4. Bankman-Fried faces seven charges related to fraudulent activities, including two substantive charges and five conspiracy charges.
It is important to note that Bankman-Fried has pleaded not guilty to all allegations. Despite multiple attempts to secure temporary release, he remains in custody. Judge Lewis Kaplan recently denied his most recent request for release, citing concerns about the possibility of him fleeing.
This situation underscores the challenges and complexities within the cryptocurrency space, both in terms of security and regulatory matters. The exploitation of vulnerabilities and legal issues surrounding prominent figures in the industry continue to be subjects of interest and concern for the wider crypto community.