The Big ETH-to-WBTC Swap: How One Person Drained an FTX Account

The person who drained the FTX account swapped around $6M worth of ETH for wrapped Bitcoin.

The cryptocurrency market is seeing some red today, with Ethereum's price falling below $1,200. This marks a decrease of around 3.5% in the past 24 hours. It will be interesting to see how the market develops in the coming hours and days.

As the FTX account drainer is swapping ETH for wrapped Bitcoin, this is happening. This is a vision of what is happening, and it is happening now.

  • It is clear that the address that drained funds from FTX is swapping ether for BTC, according to data from the popular security resource PeckShield. This is likely to be a big blow for FTX, as ether is a major currency on the platform.
  • The "FTX Account Drainer" has caused quite a stir in the crypto community, dumping around $6 million worth of ETH and buying 357 renBTC.
Source: Twitter
As a news article, I see this paragraph as providing a source for a story.


  • The recent sell-off of Ethereum (ETH) tokens is putting pressure on the cryptocurrency's spot price, which has fallen by 3.5% over the past 24 hours. This could be a sign that ETH is losing some of its market value and could lead to further price declines in the future.
  • The drainer of the associated assets is most likely the Securities Commission of the Bahamas. This is according to a recent report by CryptoPotato. The commission has assumed control of the assets and issued a media release on the matter.
On 12 November 2022, the Securities Commission of The Bahamas, in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of FTX Digital Markets to a digital wallet controlled by the Commission, for safekeeping.

The post Ethereum Dips Below $1200 as FTX Drainer Swaps 5K ETH For Bitcoin appeared first on CryptoPotato. It's been a tough week for Ethereum.