Nearly a year after the $600 million FTX hack, the hacker’s wallet showed new activity over the weekend, transferring $8 million worth of Ethereum. This concerning development comes right before the launch of several Ethereum ETFs in the US.
The hacker’s wallet, identified as 0x3e957, had been inactive for months until Saturday, when two transfers of 2,500 ETH each, worth around $4 million, were made. These types of transfers are often associated with selling activity, which could impact ETH prices and harm small investors.
Meanwhile, Ethereum prices may soon rise as multiple Ethereum ETFs await approval from the SEC. Up to nine ETFs could launch as early as October 2nd if granted accelerated approval. The timing of the hacker transfers seems designed to take advantage of any price upticks from the ETF launches.
Investors are on high alert with the hacker wallet active again. The transfers may indicate plans to liquidate more ETH holdings, putting downward pressure on prices just as excitement builds for the new ETF products. It’s another reminder that the impacts from the massive FTX collapse are still being felt across the crypto industry.
