It has been another gruesome day in the cryptocurrency market, with Bitcoin price sliding to $16,000. Ethereum, the second-largest cryptocurrency, dropped further down the rabbit hole and is trading 5% lower on the day at $1,117.
The sell-off accompanied a 3.6% decline in the crypto market cap to $830 billion. The entity or individual who made away with $600 million from the fallen FTX exchange has been busy moving funds after a couple of days of swapping cryptocurrencies.
The news reverberated across the crypto space on Monday as the "FTX Accounts Drainer" swapped Ethereum for Bitcoin via a Ren's BTC Gateway.Before the swap, the hacker consolidated funds from different wallets.
The first batch of 5,000 ETC was swapped on Sunday for 347 renBTC. This is a version of a wrapped Bitcoin executed on the Ethereum blockchain.Read more on cryptonews.com