On Saturday, Sept. 30, 2023, a surge of on-chain activity emanated from the FTX hacker’s wallet, identified as 0x3e957, almost a year after the audacious $600 million token heist. As the eagerly awaited Ethereum-based ETFs gear up for their grand entrance into the United States market, the shadow of the notorious FTX hack lingers.
Wallet Resurrection: 0x3e957 Comes to Life
Spot On Chain’s on-chain data sheds light on a notable reactivation of the exploiter’s address after a prolonged dormancy. What catches the eye is the substantial sum nestling within the wallet—an eye-watering $16.75 million worth of Ether.
Delving into the specifics, the data uncovers two intriguing transactions, each involving the movement of 2,500 ETH, valuing at an impressive $4 million. Such transfers often trigger a ripple effect, with potential ramifications on ETH’s market price. The looming question is whether these moves signify an impending sell-off, casting a shadow over smaller investors.
Market Implications: ETH Price Dynamics
As the exploiter’s wallet springs back to life, the broader market watches with bated breath. The impact of such significant transactions could sway the price of ETH, creating a ripple effect throughout the crypto landscape. Investors brace for potential volatility, with the looming question of whether these actions will dictate a bullish or bearish trend.
Ethereum ETF Countdown: A Confluence of Events
Adding to the intrigue is the imminent debut of Ethereum-based exchange-traded funds (ETFs) in the United States. The stage is set for a potential collision of forces—on one side, the resurfacing FTX hacker’s wallet, and on the other, the anticipation surrounding SEC approval for up to nine ETF products on Oct. 2.