Share this article
Tether Blacklists Mysterious FTX Wallets as Account Drainer Liquidates MATIC, LINK, AVAX Holdings
Over $3.9m tether on Avalanche and $27.5m tether on Solana linked to the FTX account drainer has been blacklisted by Tether.
Updated Nov 12, 2022, 6:52 a.m. Published Nov 12, 2022, 6:52 a.m.
The entity behind mysterious fund movements related to FTX crypto wallets has started liquidating token holdings from various networks.
Over $12 million in chainlink tokens were sold in early Asian hours across two transactions, shortly after reports of a hack at FTX. The entity gained just under $10 million after slippage – a term to describe losses taken by a market participant when receiving a different trade execution price than intended – implying the entity was rushing to liquidate funds.
STORY CONTINUES BELOW
#PeckShieldAlert A PeckShield community contributor has detected that the address 0x59ab...32b labeled as FTX Accounts Drainer has swapped 1,000,000 $Link (~$6.4M) for 4,139 $ETH ($5.15M), -$1M pic.twitter.com/uKg4BfySYa
— PeckShieldAlert (@PeckShieldAlert) November 12, 2022
Separately, activity tied to the account drainer’s wallets on the Polygon blockchain showed some 3 million MATIC tokens were sold for $2.4 million.
Stablecoin issuer Tether apparently blocked some funds tied to the account drainer’s wallets that sold tokens on Avalanche and Solana networks earlier this morning, pseudonymous blockchain sleuth ZachXBT pointed out on Twitter.
Over $3.9m tether on Avalanche and $27.5m tether on Solana linked to the FTX account drainer has been blacklisted by Tether.
CoinDesk independently verified the code used by Tether to block such addresses and confirmed the blacklist.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
The Protocol: Stripe’s Tempo Testnet Goes Live
Also: ZKSync Lite to Sunset, Blockstream App Update, Axelar’s AgentFlux
What to know:
This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.
Top Stories
