Home / BITCOIN / ‘FTX Accounts Drainer’ Offloads 50,000 ETH, Entity Uses Ren’s Bitcoin Gateway to Acquire BTC

‘FTX Accounts Drainer’ Offloads 50,000 ETH, Entity Uses Ren’s Bitcoin Gateway to Acquire BTC

The ethereum purse known as the “FTX Accounts Drainer” has started to offload the ethereum it collected this past week after becoming the 27th widest 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 severely 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’ Object Wants Bitcoin

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

Onchain scrutiny 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” individuality is currently unknown as some believe it’s a malicious entity, others believe it’s a former FTX executive, and some people allow 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 importance roughly $189 million. Choosing to offload through Ren’s bitcoin gateway indicates that the user wants to get bitcoin in quid pro quo for the ether. Using Ren instead of swapping into WBTC was likely chosen because WBTC is managed by Bitgo.

The Renvm formalities is more decentralized as it can mint tokens that represent non-Ethereum-based cryptocurrencies. While tokenized BTC products like WBTC are prevailing, 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 dissolution, FTX crypto assets, FTX ETH, Hacker, Inside job, Onchain movements, Ren, REN Bitcoin Gateway, Renbtc, Wallet, white hat

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

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com Info 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 encipher, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com Word about the disruptive protocols emerging today.

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