The Ethereum token price has dropped by 7.5 % in the 24 hours as the platform faces hacks. Listening to such news makes the choice far difficult for investors. Today, it is essential to go with Ethereum price updates for better sense of knowledge.
Starting last week, FTX hack began to dump out the market. For now,the addresses associated with the hacking have increased and control over 200,000 ETH. These 200,000 ETH are worth more than $223 million.
The hackers behind the bankruptcy of the crypto exchange platform FTX started to transfer the stolen funds from the ETH platform to a new account. And as it is likely to affect the Ethereum prices downward in a few more weeks.
According to a report due to FTX hacking initiated in the last week. Now hackers started manipulating the price of Ethereum. This is not good news for Ethereum investors.
The hacking address is currently a big issue for matter of debate, with Reuters reporting over the weekend that’s security exchange platform of Bahamas has seized the asset belonging to the Bahamas FTX unit.
FTX drained out nearly $ 447 million funds from the platform and ETH US wallet just after crypto exchange FTX bankruptcy on November 11. The majority of the stolen fund is Ether, the native currency of the Ethereum platform. Ethereum has amazing potential but will downfall move positive Ethereum Price Prediction 2030.
On November 20, the funds stolen from the Ethereum holding were transferred into another account.
ETH price prediction
ETh price currency suggests that the coin will see a big downfall in the next coming weeks.ETH has plunged over 10% after the hackers backed out the ETH from the account. It will likely continue to fall in the next few days and return to the normal price until it closes to 20 %.
At the same time, the Ethereum 30-day average is also predicted to sink below the others. This won’t stop until 200,000 ETH will be sold. Ethereum Price Updates is far behind for the scene, seeing the current crypto market.
On this stockpile of illegal cryptocurrencies, there are rumors also going around about who may be responsible for stealing these funds. While many say the FTX hack, others argue that it is the result of some kind of inside job. According to rumors, CEO Sam Bankman-Fried had a “backdoor” into customer funds, allowing him to shift deposited cryptocurrency without informing the system’s automatic reporting systems.
While the Bahamas’ securities have acknowledged receiving FTX funds. Other parties have claimed to assert or make it clear that the funds received by the Bahamas are distinct from the 200,000 ETH that is now lying in a wallet and being sold over time.