FTX Hacker Moves $16.75M ETH: Is a Major Sell Off Incoming?

The FTX hacker’s recent Ethereum movements raise questions about their impending token dump.

A hand grabs the logo of Ethereum through a portal inside of ruins.
  • A notorious crypto exploiter has resurfaced, igniting speculation about their intentions.
  • Unusual token transfers have signaled a possible selloff, leaving investors on edge.
  • The community has been waiting to see if ETH’s trajectory will be affected.

Roughly a year following the notorious FTX breach, which resulted in the vanishing of a staggering $600 million worth of tokens, recent blockchain data has unveiled fresh movement originating from the address affiliated with the miscreant, identified as 0x3e957. 

Is the FTX Exploiter Waiting for the Right Ethereum Moment?

This development transpired on Saturday, September 30, 2023, prompting the question: Is the hacker biding their time, waiting for the opportune Ethereum price to offload their ill-gotten tokens?


Spotonchain’s on-chain data reveals that the FTX exploiter has resurfaced, stirring speculation in the crypto community. It’s been several months since the exploiter last stirred the waters, and this time, their digital wallet boasts a substantial stash of approximately $16.75 million worth of ETH tokens.

Impending ETH Selloff Sparks Concern for Bullish Trend

The exploiter conducted two separate batches of token transfers, each amounting to 2,500 ETH tokens, equivalent to a hefty $4 million per batch, according to the data. Such token movements typically signal an impending selloff, a maneuver that could potentially exert downward pressure on ETH’s price. 

This phenomenon raises questions about the prospects of a bullish trend for ETH, especially in light of the imminent launch of various Ethereum exchange-traded funds in the United States. Will these financial instruments help steer ETH toward a more positive trajectory? Only time will tell.

On the Flipside

  • The identity of the exploiter, 0x3e957, remains shrouded in mystery, making it challenging to draw definitive conclusions about their motivations and intentions.
  • The impact of the exploiter’s actions on ETH’s price is uncertain. The cryptocurrency market is influenced by a myriad of factors, and while large transactions can trigger fluctuations, they are not the sole determinants of price movements.
  • Ethereum ETFs in the United States might indeed generate significant interest and investment, but their launch does not guarantee an immediate bullish trend.

Why This Matters

As this individual contemplates a potential token selloff, it underscores the ever-present need for vigilance in the crypto realm and prompts us to consider the implications of such actions on the overall ecosystem.


To learn more about the impending deadline for FTX claims and its implications, read here:
What’s Next for FTX Claims as User Deadline Approaches?

Curious about the SEC’s recent approval of Valkyrie’s Futures Offering? Read here:
SEC Approves Major ETF: Valkyrie’s Futures Offering Explained

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.