Bitcoin is What the "FTX Accounts Drainer" Entity Is Looking For.
After selling around 50,000 ether that were valued close to $58.3 million on Sunday, November 20, 2022, the wallet that is often referred to as "FTX Accounts Drainer" fell from the position of being the 27th biggest ethereum wallet to the position of being the 37th largest wallet. The day before, Bitcoin.com News revealed that the wallet had gathered more than 250,000 ETH, which elevated it to the position of the 27th largest ether wallet overall.

According to the findings of an investigation conducted by Onchain, the "FTX Accounts Drainer" is the one responsible for sending the 50,000 ethereum through Ren's bitcoin gateway. This is a platform that tokenizes bitcoin (BTC) on the Ethereum blockchain. The identity of the "FTX Accounts Drainer" is presently unclear; however, some individuals believe it is a hostile entity, others believe it is a former FTX executive, and other people believe it may be a white hat hacker. Others believe it is a former FTX executive.

The other address belonging to the organization has not been used in a week despite the fact that it possesses over one hundred ERC20 tokens and has a value of about $189 million. When a user decides to unload their ether through Ren's bitcoin gateway, it signifies that they wish to get bitcoin in return for their ether. It's possible that Bitgo's management of WBTC was a factor in the decision to utilize Ren as an alternative to exchanging it for WBTC.

The Renvm protocol is more decentralized than other protocols because it may generate tokens that reflect cryptocurrencies that are not based on Ethereum. Despite the fact that tokenized Bitcoin products such as WBTC are rather popular, RENBTC has a lot less liquidity than WBTC does.