Hacker of FTX dumping ETH for BTC - page 2.

Baofeng

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Quote from: OgNasty on November 20, 2022, 02:50:46 PM

I think most people believe this wasn’t a hacker but a backdoor setup for Sam to grab his golden parachute as he jumps out of the plane. I’m not surprised the “hacker” would rather sit on BTC than ETH. Hopefully this dumping means that the end of this FTX saga won’t be too far away, at least for markets. Users likely have a multi-year fight ahead of them to try and recover anything they thought they owned.

I have a feeling that this saga will be just forgotten, there are a lot of personalities, names of famous people popping up as somewhat either a investor or directly to connected to the project itself. And SBF himself is very influential with his family background so I doubt that this will just end like that, on the contrary it will drag for years and I would say that it can have some effect on the market.

As for the "hack", it was admitted that the Government of the Bahamas has involved themselves and somewhat forced SBF to hand them the remaining funds.

So for me this is not a hack per se.

tabas

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There are two of them that has FTX's fund, the hacker and the Bahamas government and what OP told is speculated being done by the hacker.

Quote from: Beparanf on November 20, 2022, 11:47:56 AM

Will the hacker will hold or sold?

As for these hackers, I think that he won't sell as soon as possible. Even if he successfully mixed and laundered the money, he'll wait until the noise isn't too loud anymore. But he can't be sure if the trackers of the stolen funds will ever stop monitoring him. For sure, there have been people working to track that already closely.

Quote from: Beparanf on November 20, 2022, 11:47:56 AM

What will be the implications for hacker putting all the eyes now on Bitcoin by bringing the dirty money?

I expect that there will be those no coiners telling, "there you go, bitcoin is money from hacked funds and it's from the dark net/market". Tongue

Vinaa77

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Quote from: Beparanf on November 20, 2022, 11:47:56 AM

Recently the hacker address that stole FTX is now selling off in exchange for renBTC. He might possibly bridge it to real BTC then mixed to clear all his track. I don’t see any price impact down or up on Bitcoin right now since the buy is happening on Ren blockchain.

What do you guys think? Will the hacker will hold or sold? What will be the implications for hacker putting all the eyes now on Bitcoin by bringing the dirty money?

This is the hacker ETH address: https://etherscan.io/address/0x866eeecd1f248d1a0a2e0263f13594a6b8b7c01a#tokentxns

This doesn't seem like the hacker's address, because the BTC in the wallet is only a small amount. Meanwhile, FTX is also not an official token of the FTX exchange. I don't think FTX Bahamas is a coin from FTX, so it doesn't affect the price reduction of FTX or FTT. The official token of the FTX exchange is FTT.

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Quote from: adaseb on November 20, 2022, 02:41:39 PM

From what I understand. 1/3 of the assets were stolen the rest went to the government.

This is pretty accurate considering the government would dump low illiquid tokens with huge slippage and why would DAI be bought instead of just leaving the assets as is.

There is 200MM left to be dumped so be on alert because if it’s dumped during a weekend we will go below $1000 ETH for sure.

It's a very strange coincidence. How is it possible that 1/3 was stolen and the rest went to the government? So the theft of funds happened at the same time as the hacker attack? I thought people stopped believing in hacking a long time ago. And one more point - why is the government exchanging these assets? I thought they had no right to exchange cryptocurrency.

buwaytress

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Quote from: adaseb on November 20, 2022, 02:41:39 PM

From what I understand. 1/3 of the assets were stolen the rest went to the government.

This is pretty accurate considering the government would dump low illiquid tokens with huge slippage and why would DAI be bought instead of just leaving the assets as is.

There is 200MM left to be dumped so be on alert because if it’s dumped during a weekend we will go below $1000 ETH for sure.

Probably explains why ETH looked a bit sickly today despite Bitcoin more or less trading in the same range. Think people are already hedging on this outcome, regardless of who really is behind that bag.

Definitely nice to think a state makes these calculations but the choice to not just sit on it suggests someone knowing what they are doing (or calculating a gamble).

OgNasty

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I think most people believe this wasn’t a hacker but a backdoor setup for Sam to grab his golden parachute as he jumps out of the plane. I’m not surprised the “hacker” would rather sit on BTC than ETH. Hopefully this dumping means that the end of this FTX saga won’t be too far away, at least for markets. Users likely have a multi-year fight ahead of them to try and recover anything they thought they owned.

adaseb

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From what I understand. 1/3 of the assets were stolen the rest went to the government.

This is pretty accurate considering the government would dump low illiquid tokens with huge slippage and why would DAI be bought instead of just leaving the assets as is.

There is 200MM left to be dumped so be on alert because if it’s dumped during a weekend we will go below $1000 ETH for sure.

NeuroticFish

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Quote from: AverageGlabella on November 20, 2022, 11:52:01 AM

It is not a hack the Bahamian government are seizing their assets.

I thought that the seized assets will either stay as they were, either will be sold for fiat. But selling for Bitcoin...? looks a bit suspicious to me.
...Not that I'd mind to see a government have more trust in bitcoin than fiat. Cheesy

AverageGlabella

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Quote from: Beparanf on November 20, 2022, 12:07:43 PM

Quote from: AverageGlabella on November 20, 2022, 11:52:01 AM

It is not a hack the Bahamian government are seizing their assets.

source: https://www.msn.com/en-ca/money/topstories/bahamas-regulator-confirms-ftx-asset-seizure-after-hack-accusation/ar-AA14hg7p

Thanks for the correction mate. I’m just skeptical because they are converting the confiscated Ethereum into renBTC if they are just seizing all FTX asset. Why do they need to that while they are already holding the control to the funds.

They should just convert it to fiat if they want to liquidate it immediately instead of converting the Eth to different tokens for whatever purposes. If this is really Bahamas government doing, I’m really confused on what they are trying to do here.

Yes I think a lot of us are confused by this. I assume since they have confirmed that it is not a hack and they are seizing the assets a explanation will be given on why they converted it to ETH 1st some people are discussing it in another topic but it is all speculation. It does not make sense but I am not from Bahamas so it might be for a reason that only people from the country would know. I doubt it is anything skeptical because the world is watching this happen and they have already claimed to be seizing the assets.

Beparanf

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Quote from: AverageGlabella on November 20, 2022, 11:52:01 AM

It is not a hack the Bahamian government are seizing their assets.

source: https://www.msn.com/en-ca/money/topstories/bahamas-regulator-confirms-ftx-asset-seizure-after-hack-accusation/ar-AA14hg7p

Thanks for the correction mate. I’m just skeptical because they are converting the confiscated Ethereum into renBTC if they are just seizing all FTX asset. Why do they need to that while they are already holding the control to the funds.

They should just convert it to fiat if they want to liquidate it immediately instead of converting the Eth to different tokens for whatever purposes. If this is really Bahamas government doing, I’m really confused on what they are trying to do here.

AverageGlabella

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It is not a hack the Bahamian government are seizing their assets.

source: https://www.msn.com/en-ca/money/topstories/bahamas-regulator-confirms-ftx-asset-seizure-after-hack-accusation/ar-AA14hg7p

Beparanf

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Recently the hacker address that stole FTX is now selling off in exchange for renBTC. He might possibly bridge it to real BTC then mixed to clear all his track. I don’t see any price impact down or up on Bitcoin right now since the buy is happening on Ren blockchain.

What do you guys think? Will the hacker will hold or sold? What will be the implications for hacker putting all the eyes now on Bitcoin by bringing the dirty money?

This is the hacker ETH address: https://etherscan.io/address/0x866eeecd1f248d1a0a2e0263f13594a6b8b7c01a#tokentxns

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