The ethereum wallet known as the “FTX Accounts Drainer” has started to offload the ethereum it collected this past week after becoming the 27th largest ether address. On Nov. 19, 2022, the wallet held 250,735 ether, but by 7:44 a.m. (ET) on Nov. 20, the “FTX Accounts Drainer” transferred roughly 50,000 ether out of the wallet. By leveraging Ren’s bitcoin gateway, the entity has been swapping out the ethereum in exchange for bitcoin.


The ‘FTX Accounts Drainer’ Entity Wants Bitcoin

The wallet known as “FTX Accounts Drainer ” has dropped from the 27th largest ethereum wallet position to the 37th position after unloading roughly 50,000 ether worth around $58.3 million on Sunday, Nov. 20, 2022. The day prior, News reported on the wallet becoming the 27th largest ether wallet after it consolidated more than 250,000 ETH .

Onchain analysis indicates that “FTX Accounts Drainer” has sent the 50,000 ethereum through Ren’s bitcoin gateway, a platform that tokenizes bitcoin (BTC ) on the Ethereum blockchain. The “FTX Accounts Drainer’s” identity is currently unknown as some believe it’s a malicious entity, others believe it’s a former FTX executive, and some people believe it may be a white hat hacker.

The entity’s other address, which holds over 100 ERC20 tokens, has remained untouched for a week now and it’s worth roughly $189 million. Choosing to offload through Ren’s bitcoin gateway indicates that the user wants to get bitcoin in exchange for the ether. Using Ren instead of swapping into WBTC was likely chosen because WBTC is managed by Bitgo.

READ  Huobi Layoffs Spark Controversy and Speculation, Justin Sun Claims Everything Is Fine

The Renvm protocol is more decentralized as it can mint tokens that represent non-Ethereum-based cryptocurrencies. While tokenized BTC products like WBTC are popular, RENBTC is a lot less liquid in comparison.

Tags in this story
27th , 37th , address , Blockchain , ETH wallet , ftx , FTX Accounts Drainer , FTX Bankruptcy , FTX collapse , FTX crypto assets , FTX ETH , Hacker , Inside job , Onchain movements , Ren , REN Bitcoin Gateway , Renbtc , Wallet , white hat

What do you think about the “FTX Accounts Drainer” offloading ethereum for bitcoin using Ren’s bitcoin gateway? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
READ  ‘Bitcoin Valley’ Launches in Honduras — 60 Businesses Accept BTC to Boost Crypto-Tourism

Read disclaimer

Share post: