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The wallet address controlled by the hacker who shocked the crypto world with the hack attack during the bankruptcy of the crypto exchange FTX has become active for the first time in 10 months. The hacker moved 2,500 Ethereum (ETH) worth $4.2 million to a new wallet address.
First Transaction of 2,500 ETH After 10 Months
After remaining inactive for 10 months following the hack attack on the bankrupt crypto exchange FTX, the hacker who stole millions of dollars worth of cryptocurrencies became active again and moved some of the held ETH.
According to data provided by Spot On Chain, 2,500 ETH worth $4.2 million was transferred from the wallet address controlled by the hacker to a new wallet address. The main wallet address starting with 0x3e957, controlled by the hacker, still holds 12,500 ETH worth $20.89 million.
The reason or reasons behind FTX hacker’s move remain uncertain. Market observers and cryptocurrency experts are investigating the motive behind this ETH transfer.
Potential Effects of a Cryptocurrency Exchange Hack
The consequences of a cryptocurrency exchange hack are serious and generally negative. The hack of a cryptocurrency exchange causes adverse effects on users, businesses, and the industry as a whole.
As a result of such attacks, users have their cryptocurrencies stolen or damaged. Users suffer significant losses by losing their assets held on the cryptocurrency exchange. The hack of a cryptocurrency exchange undermines the trust of users and investors in these platforms, leading to a loss of confidence in the cryptocurrency sector.
Furthermore, the hack of a major cryptocurrency exchange like FTX can cause widespread price volatility in the market. Users may panic and want to sell their cryptocurrencies in the face of potential selling pressure after the theft of cryptocurrencies. As a result, prices can drop across the market.
