- Ether fell 7% on Monday as the hacker who looted FTX began tossing tokens.
- Over the past week, the hacker has been gradually converting stolen FTX funds into ether, CoinDesk reported.
- About $74 million worth of ether was laundered into bitcoin using RenBridge, CNBC reports.
The price of ether fell as much as 7% on Monday as alleged hacker FTX dumped millions of stolen ethereum and swapped it for bitcoin.
A week ago, the hacker had accumulated about $288 million worth of ether after attacking the struggling crypto exchange of Sam Bankman-Fried, making the looter the 35th largest ether holder in the world, according to Bloomberg.
Blockchain analytics firm Elliptic estimated that in total, FTX had about $477 million stolen amid its mind-boggling collapse.
However, the hacker’s Ethereum holdings fell 26% over the weekend, according to Etherscan data cited by Decrypt.
Elliptic co-founder Tom Robinson told CNBC on Monday that hackers were converting ether to bitcoin using a blockchain bridge product called RenBTC.
According to the report, around $74 million has been transferred to bitcoin from RenBTC so far.
Notably, Alameda Research, the crypto trading company of Bankman-Fried and a sister company of FTX, acquired RenBridge last year, which owns the RenBTC tool.
On Sunday, Ether was trading as low as $1,118.64. Bitcoin lost around 2% on Monday to hover at $16,029.
Year-to-date, the world’s second-largest crypto by market capitalization has lost around 75% of its value. Losses for the token, as well as others like bitcoins and solana, have accelerated in recent weeks as fears of an FTX contagion have spread.
Blockchain analytics firm, Chainalysis, said in a tweet on Sunday that it also confirmed hackers were moving the stolen funds.
—Chain analysis (@chain analysis) November 20, 2022
Despite the turmoil caused by the FTX implosion, billionaire Bill Ackman, for his part, said the crypto isn’t going anywhere.
“I think crypto is here to stay and with proper oversight and regulationit has the potential to greatly benefit society and grow the global economy,” Ackman said on Twitter.