{"id":88672,"date":"2024-08-05T07:30:22","date_gmt":"2024-08-05T11:30:22","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=88672"},"modified":"2024-08-05T07:31:50","modified_gmt":"2024-08-05T11:31:50","slug":"crypto-hackers-use-stolen-funds-to-buy-eth-dip","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-hackers-use-stolen-funds-to-buy-eth-dip\/","title":{"rendered":"Crypto Hackers Use Stolen Funds to Buy Ethereum Dip"},"content":{"rendered":"\n

Hackers leverage stolen funds from the 2022 Nomad bridge<\/a> hack\u00a0to buy 16,892 ETH at a major\u00a0discount during the market drop.<\/p>\n\n\n\n

\"Crypto<\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

On August 5, 16,892 Ether was purchased with stolen crypto funds linked to a hack on crypto bridge Nomad in August 2022.<\/p>\n\n\n\n

Data from Cointelegraph Markets Pro and TradingView indicate that Ether's value\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> dipped by over 20% in under\u00a012 hours, from approximately $2,760 to $2,172.<\/p>\n\n\n\n
\"Crypto

Price chart of ETH\/USD trading pair. Source: TradingView<\/em><\/figcaption><\/figure>\n\n\n\n

Buying the Dip with Stolen Funds<\/h2>\n\n\n\n

Lookonchain, a blockchain analytics firm, observed that the Nomad bridge exploiter acquired 16,892 ETH by utilizing 39.75 million stolen Dai tokens.<\/p>\n\n\n\n

The hacker initiated\u00a0transferring the stolen funds to the crypto\u00a0mixer Tornado Cash<\/a> shortly after the purchase.<\/p>\n\n\n\n

Typically, crypto hackers employ crypto mixing services such as Tornado Cash to impede onchain traceability, with no intention of returning the stolen funds.<\/p>\n\n\n\n

\n

Hackers bought $ETH<\/use><\/svg><\/span><\/a> at the bottom after the market dropped!

The #Nomad<\/use><\/svg><\/span><\/a> Bridge Exploiter spent 39.75M $DAI<\/use><\/svg><\/span><\/a> to buy 16,892 $ETH<\/use><\/svg><\/span><\/a> an hour ago and is depositing $ETH<\/use><\/svg><\/span><\/a> to https:\/\/t.co\/11PfRBP2j2<\/use><\/svg><\/span><\/a>.https:\/\/t.co\/8pwhTFSnLw<\/use><\/svg><\/span><\/a>

Crypto bridge #Nomad<\/use><\/svg><\/span><\/a> was exploited for ~$200M on Aug 2, 2022.\u2026 pic.twitter.com\/9id6bxBR14<\/use><\/svg><\/span><\/a><\/p>— Lookonchain (@lookonchain) August 5, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

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.<\/p>\n\n\n\n

The hacker has transferred about 2,400 ETH (equivalent to approximately $7 million) to Tornado Cash at the time of this writing.<\/p>\n\n\n\n

\n

#PeckShieldAlert<\/use><\/svg><\/span><\/a> #NomadBridge<\/use><\/svg><\/span><\/a> Exploiter-labeled address has transferred 39.75M $DAI<\/use><\/svg><\/span><\/a> & 17.75 $ETH<\/use><\/svg><\/span><\/a> to an intermediary address 0x663a…f448
The $DAI<\/use><\/svg><\/span><\/a> was swapped for 16.89K $ETH<\/use><\/svg><\/span><\/a>, & 2.4K $ETH<\/use><\/svg><\/span><\/a> (worth ~ $7M) was transferred to #Tornadocash<\/use><\/svg><\/span><\/a>. pic.twitter.com\/cPFOpE9tSF<\/use><\/svg><\/span><\/a><\/p>— PeckShieldAlert (@PeckShieldAlert) August 5, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Hackers Exploit Market Prices<\/h2>\n\n\n\n

Moreover, stolen funds associated with the Pancake Bunny breach from three years ago are also in motion amid persistent market uncertainty.<\/p>\n\n\n\n

The hacker exchanged their stolen DAI token for ETH to capitalize on the current low crypto prices.<\/p>\n\n\n\n

However, blockchain investigator Officer CIA stated that the 3.6 million DAI was “by mistake” sent to a DAI stablecoin address.<\/p>\n\n\n\n

Pancake Bunny, a decentralized finance protocol on the BNB Smart Chain<\/a>, was the victim of a flash loan attack in 2021.<\/p>\n\n\n\n

It is vital to note that sending crypto tokens to unsupported wallets can result in irreversible fund loss.<\/p>\n\n\n\n

On July 8, the Pancake Bunny hacker drained $2.9 million in Ether using Tornado Cash.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hackers leverage stolen funds from the 2022 Nomad bridge hack\u00a0to buy 16,892 ETH at a major\u00a0discount 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 […]<\/p>\n","protected":false},"author":56,"featured_media":88678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476,21],"tags":[6121,202,128,937,12002],"class_list":["post-88672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","category-news","tag-ether-price","tag-blockchain","tag-ethereum","tag-hackers","tag-hacks"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/Crypto-Hackers-Use-Stolen-Funds-to-Buy-Ethereum-Dip.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=88672"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/88678"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=88672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=88672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=88672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}