Ethereum Sheds 7% After a Hacker Converted $288 Million Worth of the Crypto Into Bitcoin

Ethereum By Zoltan Tasi - Via Unsplash
Ethereum By Zoltan Tasi - Via Unsplash

The price of ether declined as much as 7% Monday as the allegedly FTX hacker dumped millions of dollars worth of stolen ethereum and swapped it for bitcoin. 

A week ago, the hacker had pilfered roughly $288 million of ether after raiding Sam Bankman-Fried’s ailing crypto exchange, making the heist mastermind the 35th-largest ether holder globally, according to Bloomberg.

Blockchain analytics company Elliptic estimated that, in total, FTX had about $477 million swiped amid its dramatic donwfall.

However, the hacker’s ethereum holdings sunk 26% over the weekend, according to data from Etherscan cited by Decrypt

Elliptic’s cofounder, Tom Robinson, told CNBC Monday that hackers were converting the ether into bitcoin using a blockchain bridge product called RenBTC. 

According to the report, roughly $74 million has been moved to bitcoin from RenBTC.

Notably, Alameda Research, Bankman-Fried’s crypto trading firm and a sister company to FTX, acquired RenBridge last year, which owns the RenBTC tool.