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27th, 37th, Address, Blockchain, ETH Wallet, ftx, FTX Accounts Drainer, FTX Bankruptcy, FTX Collapse, FTX Crypto Assets, FTX ETH, Hacker, Inside job, Onchain Movements, Ren, REN Bitcoin Gateway, Renbtc , Wallet, white hat
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The Ethereum wallet known as the “FTX Accounts Drainer” has started offloading the Ethereum it collected in the past week after becoming the 27th largest Ether address. On November 19, 2022, the wallet had 250,735 Ether, but at 07:44 (ET) on November 20, the “FTX Accounts Drainer” transferred approximately 50,000 Ether out of the wallet. Leveraging Ren’s bitcoin gateway, the entity has exchanged ethereum in exchange for bitcoin.
The wallet known as “FTX Accounts Drainer” has dropped from the 27th largest ethereum wallet position to the 37th position after unloading about 50,000 ether worth about $58.3 million on Sunday, November 20, 2022. The day before, Bitcoin.com News reported about the wallet became the 27th largest ether wallet after it consolidated more than 250,000 ETH.
Onchain analysis indicates that “FTX Accounts Drainer” has sent 50,000 ethereum through Ren’s bitcoin gateway, a platform that tokenizes bitcoin (BTC) on the Ethereum blockchain. The identity of the “FTX Accounts Drainer” is currently unknown as some believe it is a malicious entity, others believe it is a former FTX executive, and some believe it may be a white hat hacker.
The device’s second address, which holds over 100 ERC20 tokens, has been untouched for a week now and is worth approximately $189 million. Choosing to offload through Ren’s bitcoin gateway indicates that the user wants to get bitcoin in exchange for the ether. Using Ren instead of switching to WBTC was probably chosen because WBTC is managed by Bitgo.
The Renvm protocol is more decentralized as it can mint tokens representing non-Ethereum based cryptocurrencies. While tokenized BTC products like WBTC are popular, RENBTC is much less liquid in comparison.
What do you think about “FTX Accounts Drainer” unloading ethereum for bitcoin using Ren’s bitcoin gateway? Let us know what you think about this topic in the comments section below.
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