Ethereum Dips Below $1200 as FTX Drainer Swaps 5K ETH For Bitcoin

Ethereum’s price is trading below $1,200 on Sunday, charting a decrease of around 3.5% in the past 24 hours.

This happens as the FTX account drainer is swapping ETH for wrapped Bitcoin.

• Data from the popular security resource, PeckShield, revealed that the address that drained funds from FTX is swapping ether for BTC.
• The “FTX Account Drainer” dumped around $6 million worth of ETH (around 5K ETH) and bought 357 renBTC.

• This is causing pressure on ETH’s spot price, which is currently down some 3.5% (on Binance) for the past 24 hours.
• As to who the drainer may be, CryptoPotato recently reported that the Securities Commission of the Bahamas assumed control of associated assets. Per 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.