In recent times, the crypto industry has been restless and panicking for a lot of reasons, the price crash following the collapse of the big exchanges being one of them. As reported by Todayq, several decade-old wallets holding crypto were found to be suddenly active.
In a new revelation, it has been noted that the world’s 27th biggest Ethereum whale has stolen about 100% of his holdings largely from the failed exchange FTX and is now successfully trading them around to increase his portfolio. This hacker and his intentions could be the worst thing to happen to investors increasing their hardships by suddenly withdrawing around $300 million of digital funds from the exchange.
After successfully hacking the account and stealing the sum, the hacker speedily converted his holdings to Ethereum to avoid any chances of getting tracked or prosecuted. The hacker and his allies, if any at the moment, are in no way close to the radar of the representatives of the exchanges.
Various speculations are being raised on social media accusing a potential help to the hacker from one of the employees, especially the ones in charge of the wallets to swiftly carry out the process; however, no solid evidence or proof has been found yet.
This hacker is gaining wealth rapidly as he/she was the 35th biggest holder on the Ethereum network a few days back and now jumped to 27th place with chances to enter the 25th place soon.
However, this hacker being one of the largest Ethereum holders is not completely full-proof as a lot of institutional and professional investors prefer to divide their holdings into multiple accounts instead of concentrating them in a single place. This is primarily done to tackle attacks from such malicious actors and to safeguard the funds.
The hacker will likely be able to successfully convert his hacked funds into fiat currency via the exchange signifying the temporary nature of the top position on Ethereum’s network.
Hackers and their increasing monopoly in recent times have been a big threat to the crypto sector. In October, the crypto hacks reported record-breaking figures.