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HomeFinance NewsFTX hacker's wallet stirs as Ethereum ETFs gear up for US arrival.

FTX hacker’s wallet stirs as Ethereum ETFs gear up for US arrival.

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Almost a year after the FTX hack of $600 million in tokens, new on-chain data reveals recent activity in the hacker’s wallet, known as 0x3e957. The wallet, which has been inactive for a prolonged period, now contains $16.75 million worth of Ether (ETH). The hacker recently moved 2,500 ETH in two transactions, each valued at $4 million, potentially impacting the price of ETH and affecting smaller investors. This activity coincides with the upcoming launch of Ethereum-based exchange-traded funds (ETFs) in the United States, which could lead to a bullish trend for ETH.

The movement of funds by the FTX hacker has raised concerns about the potential impact on the price of ETH. Selling large amounts of ETH can create downward pressure on its price, which may negatively affect smaller investors. With the hacker’s wallet now active, there is speculation about their intentions and whether further transactions will follow.

The timing of this activity is noteworthy as it aligns with the launch of Ethereum-based ETFs in the United States. Several companies are awaiting approval from the U.S. Securities and Exchange Commission (SEC) for these ETF products, and the approval could come as soon as October 2. If the ETFs are approved, it is expected to generate increased interest and investment in ETH, potentially leading to a bullish trend.

In summary, the recent activity in the FTX hacker’s wallet, containing a substantial amount of ETH, raises concerns about its potential impact on the price of the cryptocurrency. This activity coincides with the launch of Ethereum-based ETFs in the United States, which could bring positive growth to the ETH market. Investors and analysts will closely monitor the hacker’s actions and the broader market response as the situation unfolds.

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