Ethereum Drops Below $1,200 As FTX Drainer Trades 5K ETH For Bitcoin

Ethereum price is trading below $1,200 on Sunday, showing a decline of about 3.5% in the past 24 hours.

This happens when an FTX account holder exchanges ETH for wrapped Bitcoin.

  • Data from popular security source PeckShield, open That address draining money from FTX is exchanging ether for BTC.
  • The FTX Account Drainer dumped $6 million worth of ETH (about 5K ETH) and bought 357 renBTC.
Source: Twitter

  • This is putting pressure on the spot price of ETH, which is currently down about 3.5% (on Binance) over the past 24 hours.
  • about whom the exchange may be, encrypted potatoes It was recently reported that the Bahamas Securities Commission took control of the associated assets. According to a media statement reported by the authorities:

On November 12, 2022, the Bahamas Securities Commission, in the exercise of its regulatory powers, directed by an order of the Supreme Court of The Bahamas to transfer all digital assets of FTX Digital Markets to a digital wallet controlled by the Commission, for safekeeping.

After Ethereum Drops Below $1,200 As FTX Drainer Swaps 5K ETH Against Bitcoin Has Debuted On CryptoPotato.

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