A crypto address connected to the suspected drain of FTX accounts is swapping decentralized stablecoin dai for ether in a series of multimillion-dollar trades.

The process began when one associated crypto access received approximately 21,155 ETH ($27 million) from other associated addresses, according to security firm PeckShield. The receiving address then approved dai for trading on CoW Protocol’s GPv2VaultRelayer. Shortly after, it conducted the following transactions:

  • Swapping 3 million dai for 2,358.29 ETH
  • Swapping 5 million dai for 3,907.29 ETH
  • Swapping 10 million dai for 7,783.33 ETH
  • Swapping 10 million dai for 7,773.82 ETH
  • Swapping 10 million dai for 7,785.43 ETH
  • Swapping 10.27 million dai for 7,959.04 ETH

The account has also swapped 7,420 Binance coins ($2.1 million) on BSC to 1,500 ETH, which they subsequently bridged to Ethereum. The address conducting the swaps is now the 36th largest holder of ether.

This story is developing, and more swaps may take place after publication.

The source of these funds originated from hundreds of millions of dollars of unusual outflows from collapsed crypto exchange FTX. The transfers — which some believe were a hack or an inside job — have been mentioned in the latest court filings for its Chapter 11 bankruptcy protection.

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.