The latest update on the FTX hack comes as PeckShield, a security firm, tracks the wallet “FTX Accounts Drainer.” In a series of multimillion-dollar trades, this suspected crypto address is swapping decentralized stablecoin DAI for ETH.
This wallet received funds from various international and US-based FTX wallets, which amassed $340M in cryptos as of November 14, including 160k ETH, 148k BNB, and 145k SOL. When FTX confirmed the hack on Telegram, Tether blacklisted $31.4 million in Tether USDT tokens linked to the transactions.
The swapping process began when one associated crypto access received approximately 21,155 ETH ($27 million) from other associated addresses. So far, the wallet has exchanged 48.27M DAI for 37.57k ETH on Ethereum.
In addition, FTX Accounts Drainer wallet addresses 7 and 8 have transferred nearly 11,288.5 ETH into FTX Accounts Drainer.
According to the security firm, FTX Accounts Drainer currently holds 228,523.83 ETH, making it the 35th largest holder of ETH.