Hackers leverage stolen funds from the 2022 Nomad bridge hack to buy 16,892 ETH at a major discount during the market drop.
Cryptocurrency hackers see the ongoing collapse in the market as an opportunity to acquire Ether at a huge discount by using stolen funds from previous heists.
On August 5, 16,892 Ether was purchased with stolen crypto funds linked to a hack on crypto bridge Nomad in August 2022.
Data from Cointelegraph Markets Pro and TradingView indicate that Ether’s value dipped by over 20% in under 12 hours, from approximately $2,760 to $2,172.
Buying the Dip with Stolen Funds
Lookonchain, a blockchain analytics firm, observed that the Nomad bridge exploiter acquired 16,892 ETH by utilizing 39.75 million stolen Dai tokens.
The hacker initiated transferring the stolen funds to the crypto mixer Tornado Cash shortly after the purchase.
Typically, crypto hackers employ crypto mixing services such as Tornado Cash to impede onchain traceability, with no intention of returning the stolen funds.
In addition to Lookonchain’s findings, PeckShield, a blockchain investigation firm, observed that the Nomad exploiter was simultaneously sending 17.75 ETH to an intermediary Ethereum address.
The hacker has transferred about 2,400 ETH (equivalent to approximately $7 million) to Tornado Cash at the time of this writing.
Hackers Exploit Market Prices
Moreover, stolen funds associated with the Pancake Bunny breach from three years ago are also in motion amid persistent market uncertainty.
The hacker exchanged their stolen DAI token for ETH to capitalize on the current low crypto prices.
However, blockchain investigator Officer CIA stated that the 3.6 million DAI was “by mistake” sent to a DAI stablecoin address.
Pancake Bunny, a decentralized finance protocol on the BNB Smart Chain, was the victim of a flash loan attack in 2021.
It is vital to note that sending crypto tokens to unsupported wallets can result in irreversible fund loss.
On July 8, the Pancake Bunny hacker drained $2.9 million in Ether using Tornado Cash.
