50,000 ETH Worth IDR 916 Billion Sold By This Address Wallet Owner!

50,000 ETH swab to WBTC. (Photo; Doc. Unsplash)

JAKARTA Currently, the second largest cryptocurrency by market cap, Ethereum (ETH) is trading at IDR 17 million per ETH. One of the Ethereum wallets known as the FTX Account Drainer account, is reported to have sold its Ethereum holdings. The address has sold 50,000 ETH.

Sales were made on Sunday, November 20 yesterday. FTX Accounts Drainer has sent 50,000 Ethereum to the bitcoin gateway platform Ren. The account has exchanged ETH (swap) with Wrapped Bitcoin (WBTC) whose value is tied to Bitcoin (BTC).

FTX Accounts Drainer has dropped from its 27th largest ethereum wallet position to 37th after lowering around US$50,000 ether to around US$58.3 million (around Rp916 billion) on Sunday, November 20, 2022. The day before, Bitcoin.com News reported its wallet to its 27th largest ether wallet after consolidating more than 250,000 ETH.

The current identity of the "FTX Accounts Drainer" is unknown because some believe it is an evil entity, others believe it is a former FTX executive, and some believe it may be a white hat hacker.

Addresses of other entities, which hold more than 100 ERC20 tokens, remain untouched over the past week now and are worth around 189 million US dollars (Rp 2.9 trillion). Choosing to remove via the bitcoin gateway Ren shows that users want to get bitcoin instead of Ethereum. Using Ren instead of exchanging to WBTC is likely to be selected because WBTC is managed by Bitgo.

The Renvm protocol is more decentralized because it can print tokens that represent non-Ethereum-based cryptocurrencies. While tokenized BTC products like WBTC are popular, RENBTC is much less liquid than they are. Such massive sales, if they occur, could trigger a drop in the price of ETH itself.