FTX Drainer Increases Ether Holdings To $302 Million Through Consolidation

According to an update by blockchain security company PeckShield, the main cryptocurrency wallet linked to the FTX drainer, a person or organization in charge of stealing money from the defunct cryptocurrency exchange, currently contains 250,735.1 ether (ETH) valued at $302.6 million.

According to PeckShield, the FTX drainer wallet is currently the 27th-largest ETH holder with its current holdings. Prior to a consolidation from other linked addresses, it was ranked 34th, but its ETH funds grew.

The following was the fund consolidation for today: Over 44,000 Binance Coins (BNB) were exchanged by one connected account for 3,000 ETH and $7.5 million in stablecoins. After exchanging the stablecoins for 6,200 ETH, a total of 9,200 ETH was sent to the primary FTX draining address. Over 10,000 ETH were also transferred to the primary address from two additional connected wallets.

The extraordinary crypto outflows from FTX during the exchange’s collapse last week are the origin of the FTX drainer funds. Some others believed it was an insider hack because of the odd nature of the outflows at a time when FTX halted withdrawals. Additionally, these monies are now part of the FTX bankruptcy proceedings.

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