{"id":14633,"date":"2022-11-20T14:47:49","date_gmt":"2022-11-20T14:47:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftx-accounts-drainer-offloads-50000-eth-entity-uses-rens-bitcoin-gateway-to-acquire-btc-bitcoin-news\/"},"modified":"2022-11-20T14:47:49","modified_gmt":"2022-11-20T14:47:49","slug":"ftx-accounts-drainer-offloads-50000-eth-entity-uses-rens-bitcoin-gateway-to-acquire-btc-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftx-accounts-drainer-offloads-50000-eth-entity-uses-rens-bitcoin-gateway-to-acquire-btc-bitcoin-news\/","title":{"rendered":"‘FTX Accounts Drainer’ Offloads 50,000 ETH, Entity Uses Ren\u2019s Bitcoin Gateway to Acquire BTC \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The ethereum wallet known as the \u201cFTX Accounts Drainer\u201d 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 \u201cFTX Accounts Drainer\u201d transferred roughly 50,000 ether out of the wallet. By leveraging Ren\u2019s bitcoin gateway, the entity has been swapping out the ethereum in exchange for bitcoin.<\/strong><\/p>\n

The \u2018FTX Accounts Drainer\u2019 Entity Wants Bitcoin<\/h2>\n

The wallet known as \u201cFTX Accounts Drainer<\/a>\u201d has dropped from the 27th largest ethereum wallet position to the 37th position<\/a> after unloading roughly 50,000 ether worth around $58.3 million on Sunday, Nov. 20, 2022. The day prior, Bitcoin.com News reported on the wallet becoming the 27th largest ether wallet after it consolidated more than 250,000 ETH<\/a>.<\/p>\n

Onchain analysis<\/a> indicates that \u201cFTX Accounts Drainer\u201d has sent the 50,000 ethereum through Ren\u2019s bitcoin gateway, a platform that tokenizes bitcoin (BTC<\/a>) on the Ethereum blockchain. The \u201cFTX Accounts Drainer\u2019s\u201d identity is currently unknown as some believe it\u2019s a malicious entity, others believe it\u2019s a former FTX executive, and some people believe it may be a white hat hacker.<\/p>\n

The entity\u2019s other address, which holds over 100 ERC20 tokens, has remained untouched for a week now and it\u2019s worth roughly $189 million. Choosing to offload through Ren\u2019s 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.<\/p>\n

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

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27th<\/a>, 37th<\/a>, address<\/a>, Blockchain<\/a>, ETH wallet<\/a>, ftx<\/a>, FTX Accounts Drainer<\/a>, FTX Bankruptcy<\/a>, FTX collapse<\/a>, FTX crypto assets<\/a>, FTX ETH<\/a>, Hacker<\/a>, Inside job<\/a>, Onchain movements<\/a>, Ren<\/a>, REN Bitcoin Gateway<\/a>, Renbtc<\/a>, Wallet<\/a>, white hat<\/a><\/div>\n<\/div>\n

What do you think about the \u201cFTX Accounts Drainer\u201d offloading ethereum for bitcoin using Ren\u2019s bitcoin gateway? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com 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 Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: 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. Bitcoin.com<\/a> 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.<\/p>\n<\/div>\n

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