Ethereum founder Vitalik Buterin was forced to sell some of the altcoins in his wallet amid the FTX hack.
Vitalik Buterin quickly emptied his wallet amid FTX hack
On-chain data shows that the Ethereum founder sold a large amount of ETH over the weekend. According to wallet followers, this transaction took place in the middle of the FTX hack. According to MistTrack data, Buterin exchanged about 3,000 Ethereums for around 4 million USDC. On November 12, Uniswap made three transactions on the V3 platform. Vitalik’s sales come in the midst of a FUD storm, when the FTX hacking crisis has swept social media.
https://twitter.com/MistTrack_io/status/159213140114462208
According to the data, Ethereum averaged around $1,261 that day. The leading altcoin lost around 20% at one point last week. It is currently trading around $1,230. It has moved horizontally in the last 24 hours.
As you follow on Kriptokoin.com, the stock market came to the fore with a $600 million hacking attack right after it went bankrupt. The hackers quickly converted the funds from Tether to DAI. It is also among the stolen funds on StETH Solana, BNB, LINK, AVAX and MATIC. There is a large amount of ETH and BTC in the wallet.
Ethereum founder talks about FTX bankruptcy
Buterin made a statement about the situation of FTX and its founder amid the ongoing crisis. Specifically, he highlighted how his bankruptcy overshadowed the MtGox affair. He also added the experiences of Terra founder Do Kwon to these bankruptcies. Buterin says the FTX collapse and related events are not what they seem. He said that the founder, who was in a difficult situation, was also “human”.
MtGox "looked" sketchy and never tried too hard to whitewash itself. Luna too. FTX was the opposite and did full-on compliance virtue signaling (not the same thing as compliance)
The second kind of fraud cuts deeper than the first.
— vitalik.eth (@VitalikButerin) November 11, 2022
$600M exploited in FTX hack
After the FTX bankruptcy, he witnesses millions of funds flowing from his wallets. Over $600 million in abnormal transfers reported in just a few hours. Suspected to be the beginning of the bankruptcy process, on November 12, suddenly large amounts of funds began to move from FTX and FTX US wallets to a single wallet. However, on-chain data and reports suggested that FTX wallets had been hacked and that the exploiters sought insider help to gain root access.
FTX got hacked but highly likely insider job. Do not update or install FTX app. https://t.co/fC5zURrn94
— Ki Young Ju (@ki_young_ju) November 12, 2022
On-chain data shows that funds were transferred from FTX and sold via DEX. Currently, large quantities of UNI, stETH, 1INCH, WBTC, SUSHI, YFI and LDO are sold at addresses starting with 0x59ab. Other tokens are still in the hands of hackers, including PAXG, LINK, MATIC, AAVE, SNX, SHIB and APE. Also in the wallets of attackers in FTX, SRM, DYDX, BAND, MANA, ENS, CEL, HT, GRT, GALA and CRV. They carry around $166 million in funds in total here.
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