The main crypto wallet associated with the FTX drainer, an entity responsible for siphoning funds from the bankrupt crypto exchange, now holds 250,735.1 ether (ETH) worth $302.6 million, according to an update by blockchain security outfit PeckShield.

The FTX drainer’s current ether holdings make this wallet the 27th-biggest ETH holder, according to PeckShield. It was previously 34th in the rankings, but a consolidation from other associated addresses increased its ETH funds.

Today’s fund consolidation was as follows: One associated account swapped over 44,000 binance coins (BNB) for 3,000 ETH and $7.5 million in stablecoins. The stablecoins were then swapped for 6,200 ETH and a total of 9,200 ETH was transferred to the main FTX drainer address. Two other associated wallets also transferred a total of more than 10,000 ETH to the main address.

The source of the FTX drainer funds comes from unusual crypto outflows from FTX amid the exchange’s collapse last week. The unusual nature of the outflows at a time when FTX paused withdrawals caused some speculation that it was a hack perpetrated by insiders. These funds have also been included in the FTX bankruptcy proceedings.

Source: The Block

By David Warsh

David Warsh is a leading expert in the field of cryptocurrency and blockchain technology. With over a decade of experience in the industry, he has a deep understanding of the intricacies of digital currencies and the potential they hold for revolutionizing various industries.