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Ethereum’s price is trading below $1,200, $1,122 as of now, charting a decrease of around 3.27% in the past 24 hours.

This is as a result of the ETH—-BTC swap done by the FTX account drainer.

PeckShield report showed the address that drained funds from FTX swapping ETH for BTC.

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The “FTX Account Drainer” sold around $6 million worth of ETH (around 5K ETH) and bought 357 renBTC(Wrapped BTC).

This has been causing pressure on ETH’s spot price, which is currently down some 3.5%, Binance chart, for the past 24 hours.

Who is this drainer?

As per trying to identify the drainer, the Securities Commission (SEC) of the Bahamas assumed control of associated assets.

According to a media release shared by authorities:

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.

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

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