Share this article
FTX Accounts Drainer Swaps Millions in Stolen Crypto, Becomes 35th-Largest Ether Holder
The funds were converted to DAI stablecoins and bridged to the Ethereum network.
Updated Nov 15, 2022, 6:46 p.m. Published Nov 15, 2022, 10:30 a.m.
Whoever was behind last week’s $600 million exploit of crypto exchange FTX started moving millions of dollars in stolen funds during European morning hours on Tuesday.
The funds were siphoned from FTX's crypto wallets late Friday. Soon after, the exchange said on its official Telegram channel that it had been compromised, instructing users not to install any new upgrades and to delete all FTX apps.
STORY CONTINUES BELOW
Multiple addresses connected to the accounts drainer on Tuesday transferred more than 21,555 ether (ETH), or over $27 million, to a single address. The tokens were later converted to stablecoin DAI on the swapping service CowSwap, blockchain data shows.
The addresses, over several transactions, amassed over $48 million of DAI and swapped it all into 37,000 ether. The address now holds more than 288,000 ether and is the 35th-largest owner of the cryptocurrency, blockchain data pointed out by security firm PeckShield shows.
#PeckShieldAlert FTX Accounts Drainer has swapped 48.27M $DAI (~$48.36M) to 37.57k $ETH (~$47.69M) on Ethereum
— PeckShieldAlert (@PeckShieldAlert) November 15, 2022
Arbitrary loss: -$671,424.25
FTX Accounts Drainer currently holds 228,523.83 $ETH (~$288M) and makes the address become the 35th largest holder of ETH pic.twitter.com/8oukNomdDf
Separately, 7,420 BNB tokens that were stolen and that are worth just above $2 million were converted to 1,500 ether using BNB Chain-based exchange PancakeSwap. The exploiter then bridged the converted ether to the Ethereum network.
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
