In a surprising turn of events, a wallet allegedly connected to the hack of the now-bankrupt FTX exchange has sprung to life, raising questions and concerns within the cryptocurrency community. The wallet, dormant since the hack nearly a year ago, has moved a staggering $38 million in Ethereum (ETH) over the weekend. This development comes just as the trial of Sam Bankman-Fried, the founder of FTX, is about to commence.

The wallet, which had remained dormant for months, suddenly came alive on September 30th. In a series of transactions conducted through privacy tools like RailGun and THORChain, it transferred 6,250 ETH, valued at approximately $10.46 million. This unexpected activity raised eyebrows and prompted further scrutiny.

On October 1st, the attacker continued the transaction spree, moving an additional 12,250 ETH in two transactions via THORChain. SpotOnChain, a reputable blockchain analytics firm, confirmed all these fund movements. Approximately 7,749 ETH, equivalent to around $13 million, were transferred through privacy tools THORChain and Railgun. Furthermore, the attacker exchanged 2,500 ETH, worth roughly $4.19 million, for 153.4 tBTC at an average price of $27,281 per token.

In total, the attacker managed to transfer 22,500 ETH, amounting to a staggering $38 million, in seven transactions over the weekend. These transactions mark the first significant fund movement from the compromised address since the hacking incident occurred last year.

For context, the FTX exchange suffered a massive hack that resulted in losses of approximately $400 million, just a day after declaring bankruptcy. The incident raised suspicions of an inside job, and to this day, the identity of the attacker remains unknown.

What has caught the attention of the cryptocurrency community is that despite these substantial transactions, the FTX exploiter wallet still retains digital assets worth a jaw-dropping $287 million, according to the Arkham Intelligence dashboard. The attacker’s holdings include 163,249 units of ETH and 3.9 million USDT, among other assets.

This influx of movement from the attacker’s wallet has sparked concerns within the crypto community. Many worry that it could exert selling pressure on the Ethereum market, potentially hindering the recent upward momentum in ETH’s price. Over the past few days, Ethereum has experienced significant growth, attracting the interest of large investors or “whales.”

According to data from CryptoSlate, Ethereum’s price has surged by 2.5% to reach $1,722.31 at the time of writing. However, the ongoing movement of funds from the FTX attacker’s wallet may disrupt this positive trend, creating uncertainty and unease among Ethereum investors.

The mysterious nature of this wallet’s activity, combined with the impending trial of Sam Bankman-Fried, adds a layer of intrigue to the situation. As the crypto community watches closely, questions abound. Could this be an attempt to hide the stolen funds or an elaborate scheme to manipulate the market? Without concrete answers, speculation runs rampant.

The trial of Sam Bankman-Fried, the founder of FTX, adds another dimension to this unfolding drama. As the legal proceedings get underway, the cryptocurrency community is eager to see if any revelations emerge that could shed light on the FTX hack and the subsequent movements of the stolen funds.

In the world of cryptocurrencies, where transparency and security are paramount, incidents like the FTX hack continue to challenge the industry’s reputation. Investors and enthusiasts alike are left hoping for resolution, accountability, and, ultimately, a safer environment for their digital assets.