Crypto news

Ethereum ETFs launching in the US, FTX hacker’s wallet in focus.

On Saturday, September 30, 2023, nearly a year after the FTX hack that resulted in the theft of $600 million in tokens, there has been notable activity in the perpetrator’s wallet, identified as 0x3e957.

Interestingly, this FTX hack activity coincides with the upcoming launch of Ethereum-based ETFs in the United States.

According to on-chain data provided by Spot On Chain, the exploiter recently activated their address after a prolonged period of dormancy.

Furthermore, The wallet currently holds a significant amount of $16.75 million worth of Ether.

On the specified date, the data exposes two transactions executed by the exploiter, involving the movement of 2,500 ETH in each transaction, with a total value of $4 million each.

Such transfers are typically associated with selling activity, which has the potential to impact the price of ETH and potentially affect smaller investors.

In an interesting development, the imminent launch of multiple Ethereum exchange-traded funds (ETFs) in the United States could potentially trigger a bullish trend for the price of ETH.

Currently, several companies are eagerly awaiting approval from the U.S. Securities and Exchange Commission (SEC).

Moreover, there is the potential for up to nine ETF products to receive accelerated approval on October 2nd.

Notably, there is a strong possibility that up to nine ETF products could receive accelerated approval on October 2nd.

Consequently, this would signify a significant development for the cryptocurrency market.

Although, The SEC, being responsible for evaluating and approving such financial products, plays a crucial role in the process.

In addition, SEC approval would not only provide a regulated investment vehicle but also offer investors an opportunity to gain exposure to Ethereum, thereby potentially enhancing market liquidity and boosting investor confidence.

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