The hacker of bankrupt cryptocurrency exchange FTX is now one of the world's largest holders of ethereum, with a stolen haul worth an estimated $288m at current market prices.
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The crypto wallet address that has drained hundreds of millions of dollars worth of digital assets from the FTX can be viewed on the blockchain and the majority of funds are denominated in ether (ETH-USD), ethereum's native cryptocurrency.
Blockchain security services company Beosin found that there is over $338m in stolen digital assets in the hacker's wallet, and of this total, nearly $289m is in ether.
FTX Accounts Drainer (0x59AB...32b) has conducted multiple swap and cross-chain operations for the past day and currently holds ~$338,598,702 of assets.
The majority of the funds are held in the
Current balance: pic.twitter.com/SMrkbcwULL
— Beosin Alert (@BeosinAlert) November 15, 2022
Fears that a large haul of ethereum could soon be dumped on the market and cause a rapid devaluing of the cryptocurrency should be balanced with the risks involved to the hacker if they were to perform such an action.
The blockchain is transparent, and a quick check of Etherscan, the on-chain registry of transitions, would show exactly where the etherem was sent from and who the receiver was.
Ethereum hacked from FTX that is dumped on the market would be located and could then be returned to the beleaguered exchange, which is has entered administration.
Read more: Crypto tanks after FTX implosion
The hacker may have no alternative but to place their large haul of ethereum into cold storage, which could be good for the value of ether as it reduces the amount for sale on the market.
After Friday night's hack, an FTX Support Telegram group administrator said: "FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don't go on FTX site as it might download Trojans."
Hours after the attack, FTX General Counsel Ryne Miller tweeted that the crypto exchange was making ''every effort to secure all assets, wherever located".
Multiple @FTX_Official addresses, both US and international, are continuing to send assets to FTX Drainer Address 0x59A…
Currently, FTX Drainer Address 0x59A... holds approximately ~$62M in assets. pic.twitter.com/LUIkoWYv4A
— CertiK Alert (@CertiKAlert) November 15, 2022
The US Security and Exchange Commission (SEC) has now placed FTX founder Sam Bankman-Fried under scrutiny and the crypto exchange is facing criminal charges in the Bahamas.
Ethereum fell nearly 6.5% in the past week to a low of $1,233.
Watch: US Senator: 'Digital assets will be as big as the internet itself' | The Crypto Mile