Activity in FTX hacker’s Wallet Amidst Ethereum ETFs US debut

Almost a year following the infamous FTX hack that saw $600 million in tokens vanish, there has been a resurgence of activity in the perpetrator’s wallet, specifically identified as 0x3e957, as of Saturday, September 30, 2023. 

This resurgence coincides with the imminent launch of Ethereum-based Exchange-Traded Funds (ETFs) in the United States.

Spot On Chain’s on-chain data has unveiled this wallet’s recent activation after a prolonged period of dormancy. Currently, it holds a substantial Ether stash valued at $16.75 million. A closer look at the data shows two significant transactions where the exploiter moved 2,500 ETH, each worth a staggering $4 million. 

Such movements often raise concerns of potential selling activities that could sway the price of ETH, impacting smaller investors.

However, there’s another side to this coin. The price of Ethereum might be on the brink of a bullish trend with the imminent launch of various Ethereum ETFs in the United States. 

Multiple companies are awaiting the U.S. Securities and Exchange Commission’s (SEC) approval, which could potentially grant accelerated authorization for as many as nine ETF products on October 2. 

These ETFs have the potential to reshape the Ethereum landscape in the United States, potentially benefiting both retail and institutional investors alike.