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When the price of eth dropped by more than 20% on August 30, hackers were seen taking the opportunity to buy the dip using stolen cryptocurrency.
According to blockchain security firm PeckSheild, the perpetrators of the 2021 hack of Binance Smart Chain-based defi protocol Pancake Bunny purchased 2,922K eth for 7.8M DAI.
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The defi protocol was x.com/PancakeBunnyFin/status/1395173093333680136″ target=”_blank” rel=””>exploited In a flash loan attack in 2021, $46 million worth of its tokens were stolen and exchanged for tokens such as BNB, USDT, and DAI. The attack caused the price of the project’s native token, BUNNY, to plummet.
Last month, the management of the exploiter emerged from its slumber and x.com/CertiKAlert/status/1810220646414123436″ target=”_blank” rel=””>transferred 1002 Ether to Tornado Cash cryptocurrency mixer. The service allows malicious actors to make it difficult for authorities to trace funds.
At the time, the attacker's wallet was reported to contain $11.4 million worth of Dai (DAI).
Similarly, the attackers behind the $200 million hack of the Nomad cross-chain token bridge also x.com/lookonchain/status/1820332406911672320″ target=”_blank” rel=””>acquired ethaccording to analytics firm Lookonchain.
Nomad Bridge allowed users to send funds across multiple blockchains. The attack originated from a vulnerability in the smart contract where tokens sent through the bridge are initially deposited.
On August 30, 2024, the attacker spent 39.75 million DAI to acquire 16,892 eth before moving it through Tornado Cash in a series of transactions for 100 eth each. In total, the attacker moved approximately 2,400 eth to the privacy mixer.
Over the years, the attacker has moved the stolen assets on multiple occasions, and in January 2023, over $1.5 million was laundered through Tornado Cash. Prior to that, $7.5 million was moved to an unknown address.
At the time of publishing, one of the Nomad Bridge attacker’s wallets contained just over 14,500 eth valued at over $33 million.
The recent moves come at a time when eth recorded its biggest drop in 2024, presenting a lucrative buying opportunity. According to analysts, the cryptocurrency has lost key support levels and the price is expected to fall further.
The price drop came as the broader cryptocurrency market saw liquidations of more than $1 billion in 24 hours.
