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News

FTX Accounts Drainer Transfers Massive ETH Worth $8M In 3 Hours

September 30, 2023 - Around 2 mins mins to read

Key Points:

  • FTX Accounts Drainer transfers 5K $ETH ($8.37M) in 3 hours.
  • Claims against FTX have seen a remarkable improvement in the expected payment ratio.
  • FTX founder Sam Bankman-Fried faces legal challenges and a petition for temporary release.
FTX Accounts Drainer transfers 5,000 ETH worth of $8.37 million, regulatory concerns, and legal battles raise questions about FTX’s stability and transparency.

Recent data reveals that the FTX accounts drainer transferred a whopping 5,000 Ethereum (ETH) tokens, equivalent to $8.37 million, within the span of just three hours.

FTX Accounts Drainer Transfers Massive ETH Worth $8M In 3 Hours
Source: Lookonchain

Currently, FTX Accounts Drainer holds a significant stash of 180,735 ETH, valued at approximately $302.5 million, distributed across 13 different addresses. Such sizable holdings raise questions about the entity’s intentions and impact on the crypto market.

Concerns and Petitions Surrounding FTX

In other developments, Claims Market data indicates a noteworthy shift in the expected payment ratio for creditors’ claims against FTX. The ratio has surged to 35%-40%, a marked improvement from the meager 12% observed at the beginning of the year. This comes in light of approximately $16 billion worth of claims against FTX and consolidated assets of around $7 billion.

Furthermore, concerns about transparency have emerged, with US Congressman Patrick McHenry questioning the Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, regarding their interactions with FTX and its founder, Sam Bankman-Fried.

In an effort to prepare for his upcoming trial, FTX founder Sam Bankman-Fried has petitioned for temporary release from incarceration. His legal team argues the necessity of his release for a fair defense.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

#Sam Bankman-Fried

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.