Mysterious crypto trader quit FTX and SVB just before they collapsed
A crypto trader with an address dubbed Smartestmoney has deposited 7,868 ETH tokens (roughly $14 million) on Binance. They also withdrew $19 million from FTX before its collapse last year.
Blockchain analytics platform Lookonchain has revealed that a crypto trader that bills with an address named smartestmoney.eth moved $14 million worth of ETH to Binance.
Smartestmoney, who previously cashed out 4 million USDT and 10,646 ETH just minutes before the disgraced Sam Bankman-Fried’s FTX exchange suspended withdrawals, sent a total of 7,868 ETH to Changpeng Zhao’s Binance on March 22.
Data from Arkham Intelligence confirms the significant transfers. According to the transaction record, Smartestmoney has recently been involved in 59 transactions worth just under $142 million.
When Circle’s USDC stablecoin lost parity with the US dollar last month due to the abrupt collapse of Silicon Valley Bank (SVB), data shows Smartestmoney also made a quick profit of about $200,000 USDT.
The price of ether, the world’s second-largest cryptocurrency, has posted a strong bullish momentum in recent weeks, trading around the $1,811 price region at the time of writing. This represents a 6.2% increase in the last seven days and an 8% surge in the monthly timeframe.
In related news, Raoul Pal, a former Goldman Sachs exec and macro expert, recently stated that ether could outperform bitcoin (BTC) in the upcoming bull cycle.