The FTX wallet drainer has transferred roughly $200 million worth of Ethereum to various addresses

According to PeckShield, the hacker who hijacked the now-bankrupt FTX cryptocurrency exchange has just transferred 180,000 ETH to 12 different addresses.

FTX Hacker Moves $199 Million Worth of Ethereum (ETH) to Different Wallets

The tokens above are worth roughly $199 million at the time of writing. The bad actor drained roughly $447 million from the failed exchange and its US-based subsidiary shortly after FTX Global filed for bankruptcy.

The FTX wallet drainer instantly became one of the biggest holders of the second-largest cryptocurrency. On Nov. 20, the wallet moved 50,000 ETH tokens to a new address. The hacker then swapped the stolen tokens to Ren Bitcoin (renBTC), a version of Bitcoin powered by the Ethereum blockchain. Notably, the renBTC token has ties to Alameda Research, a failed trading firm closely linked to FTX Group. renBTC is then converted into Bitcoin with the help of a bridge.

According to CertiK, the hacker is laundering the ill-gotten crypto through several intermediate addresses, a transaction pattern known as a “peel chain.” ETH is trading at $1,114 after declining 8.9% over the last 24 hours. It remains unclear whether the hacker will cash out the laundered crypto since it would be very challenging due to many eyeballs tracking the most recent movements associated with the address.

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