‘FTX Accounts Drainer’ Offloads 50,000 ETH, Entity Uses Ren’s Bitcoin Gateway to Acquire BTC

The ethereum wallet known arsenic the “FTX Accounts Drainer” has started to offload the ethereum it collected this past week aft becoming the 27th largest ether address. On Nov. 19, 2022, the wallet held 250,735 ether, but by 7:44 a.m. (ET) connected Nov. 20, the “FTX Accounts Drainer” transferred astir 50,000 ether retired of the wallet. By leveraging Ren’s bitcoin gateway, the entity has been swapping retired the ethereum successful speech for bitcoin.

The ‘FTX Accounts Drainer’ Entity Wants Bitcoin

The wallet known arsenic “FTX Accounts Drainer” has dropped from the 27th largest ethereum wallet presumption to the 37th position aft unloading astir 50,000 ether worthy astir $58.3 cardinal connected Sunday, Nov. 20, 2022. The time prior, Bitcoin.com News reported connected the wallet becoming the 27th largest ether wallet aft it consolidated much than 250,000 ETH.

Onchain analysis indicates that “FTX Accounts Drainer” has sent the 50,000 ethereum done Ren’s bitcoin gateway, a level that tokenizes bitcoin (BTC) connected the Ethereum blockchain. The “FTX Accounts Drainer’s” individuality is presently chartless arsenic immoderate judge it’s a malicious entity, others judge it’s a erstwhile FTX executive, and immoderate radical judge it whitethorn beryllium a achromatic chapeau hacker.

The entity’s different address, which holds implicit 100 ERC20 tokens, has remained untouched for a week present and it’s worthy astir $189 million. Choosing to offload done Ren’s bitcoin gateway indicates that the idiosyncratic wants to get bitcoin successful speech for the ether. Using Ren alternatively of swapping into WBTC was apt chosen due to the fact that WBTC is managed by Bitgo.

The Renvm protocol is much decentralized arsenic it tin mint tokens that correspond non-Ethereum-based cryptocurrencies. While tokenized BTC products similar WBTC are popular, RENBTC is simply a batch little liquid successful comparison.

What bash you deliberation astir the “FTX Accounts Drainer” offloading ethereum for bitcoin utilizing Ren’s bitcoin gateway? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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