Ethereum Dip- Stolen Funds Deployed by Hackers to Purchase Ethereum at Low Prices
Ethereum Dip- Cryptocurrency hackers took advantage of the market crash to purchase discounted Ether using stolen funds from previous heists.
On August 5, hackers bought 16,892 Ether, valued at $2,400 each, using stolen funds from a 2022 Nomad crypto bridge hack. This occurred as Ether’s value plummeted more than 20% in under 12 hours, dropping from around $2,760 to $2,172, according to Cointelegraph Markets Pro and TradingView.
Buying the Dip with Stolen Funds
Blockchain analytics firm Lookonchain reported that the Nomad bridge exploiter used 39.75 million stolen Dai (DAI) tokens to purchase 16,892 ETH. Shortly after the transaction, the hacker began moving the stolen funds to the crypto mixer Tornado Cash.
Crypto hackers often use mixing services like Tornado Cash to obscure the on-chain traceability of their transactions, typically with no intention of returning the stolen assets. In addition to Lookonchain’s findings, blockchain investigation firm PeckShield noted that the Nomad exploiter simultaneously sent 17.75 ETH to an intermediary Ethereum address. As of now, the hacker has transferred approximately 2,400 ETH (worth around $7 million) to Tornado Cash.
Hackers Exploit Market Prices
Amid market uncertainty, funds stolen in the Pancake Bunny hack from three years ago are also on the move. The hacker sought to take advantage of lower crypto prices by swapping their stolen DAI tokens for ETH. However, blockchain investigator Officer CIA reported that 3.6 million DAI was mistakenly sent to a DAI stablecoin address.
Pancake Bunny, a decentralized finance protocol on the BNB Smart Chain, fell victim to a flash loan attack in 2021. It’s crucial to note that sending crypto tokens to unsupported wallets can result in irreversible loss of funds.
Recently, on July 8, the Pancake Bunny hacker transferred $2.9 million worth of Ether through Tornado Cash.
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