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First Mover Americas: FTX’s Hacked Funds Are on the Move

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FTX's hacked funds have been swapped for ether. (Shutterstock)

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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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The FTX hacker who drained $600 million from the crypto exchange began moving the stolen funds Tuesday. Having siphoned funds from FTX’s wallets on Friday, the attacker then amassed $48 million of the stablecoin DAI, before swapping it all for 37,000 ETH. The address now holds more than 288,000 ETH, making it the 35th-largest owner of the cryptocurrency, according to data by security firm PeckShield. FTX announced on Friday that it had been hacked only hours after it had filed for bankruptcy.

Solana DeFi applications have lost more than $700 million in value since the FTX debacle took hold at the start of this month. DeFi (decentralized-finance) applications in the ecosystem grew to $10 billion last November, with FTX founder Sam Bankman Fried among Solana’s chief proponents. That figure diminished with the broader crypto market contraction to sit at $1 billion on Nov. 2 this year, before shrinking dramatically to around $300 million with the FTX fallout. The more than 50% drop in the price of SOL, the network’s native token, has contributed to the fall. At the time of writing, SOL was priced at $14.64, compared with $32.64 at the start of this month.

FTX may have more than 1 million creditors, according to a court document that helps to explain the crypto exchange’s sudden descent into bankruptcy. FTX filed a motion to handle its overall group of entities rather than treating its various subsidiaries and arms as individual cases. The firm filed for bankruptcy on Friday, saying it had between $10 billion and $50 billion in assets and liabilities.

Chart of the DayCoinDesk - Unknown

  • This chart shows bitcoin’s liquidity on major exchanges, measured by market depth within 2% of the average price (the average of the current bid and ask prices being quoted) since January.
  • Liquidity has deteriorated significantly in the wake of FTX’s collapse, with market depth falling from 11,800 BTC to a five-month low of 7,000 BTC.
  • Market depth refers to the degree of an asset’s resilience to large buy and sell orders. The greater the depth, the more liquid the market is and vice versa.

Trending Posts

  • FTX’s Failure Is Sparking a Massive Regulatory Response
  • Sam Bankman-Fried’s Unceremonious Exit Leaves ‘Alameda Gap’ in Crypto Markets
  • After FTX: Rebuilding Trust in Crypto’s Founding Mission

Trending1(Getty Images)MercadosProtocolos DeFi ganan usuarios a medida que exchanges centralizados sufren salidas de etherNov 16, 20222CDCROP: 25th December 1776:  George Washington crosses the Delaware River into Pennsylvania and with a surprise attack defeats Hessian soldiers employed by the British in the Battle of Trenton. (MPI/Getty Images)Layer 2Crypto Can De-Escalate the Tax WarNov 16, 20223Rep. Patrick McHenry (left) and Rep. Maxine Waters (Alex Wong/Getty Images)PolicyTop House Committee to Hold Hearing Into FTX CollapseNov 16, 20224(Tyler Franta/Unsplash, modified by CoinDesk)Layer 2Use Your Crypto Losses to Turn the Tables Against the IRSNov 16, 2022

Source coindesk.com

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