On Monday, the crisis caused by the fall of Sam Bankman-Fried and his once-powerful FTX crypto empire caused cryptocurrency prices to drop even more.
The FTX hacker, who stole almost $600 million from the defunct FTX exchange, disposed of the stolen cryptocurrency over the weekend. This triggered the price of Bitcoin and other cryptocurrencies to crash.
Bitcoin, the largest cryptocurrency, is down approximately 4% over the past 24 hours, while Ether, the second largest, is down nearly 8%. Dogecoin, a meme token and a gauge of the wildest speculative emotions in the digital realm, is down 11%.
The hacker who stole from the now-defunct exchange FTX on November 12 has been very busy over the past 48 hours. To purge the stolen assets, the hacker appears to be relying on decentralized pools and crypto bridges.
The FTX thief (or thieves) made headlines last week when they emerged as one of the world’s largest holders of Ether with a stash of around $288 million. According to tweets posted by blockchain experts Chainalysis on Sunday, stolen funds from FTX “are on the move,” with some likely being moved from Ether to Bitcoin in an attempt to “cash out.”
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Digital assets and the blockchain technology they are built on have come under fire recently due to a number of factors. These include the failure of major corporations, the possibility of criminal activity, and the 72% decline in a gauge of the top 100 tokens over the past year.
As of writing, the price of Bitcoin was roughly $16,027, a significant decline from its all-time high of about $69,000 set in November 2021. The price of Ether was roughly $1,124.
Like many in the crypto community, Buterin has recently taken to Twitter to suggest ways in which exchanges may work to boost user confidence in the sector. After FTX went down, the financial services industry as a whole had to do some soul-searching, especially when it came to issues of transparency and risk. The ripple effect of SBF’s careless actions is expected to increase.
Read more about the crypto market and the FTX hacker:
FTX Hacker Hoarding Ethereum (ETH) for Possible Market Selloff
Six-Year Dormant Ethereum Whale Wallet Activated Before ETH’s $1,500 Rally
See original on DailyCoin
Source: Cryptocurrency - investing.com
