Crypto Hackers Seize Market Dip to Buy Ether with Stolen Funds

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Yahoo Finance

Hey folks.

Crypto hackers have taken advantage of the recent market crash to purchase cheaper Ether using funds that were stolen from previous heists.

On 5th August, stolen funds from the August 2022 Nomad crypto bridge hack were used by the hackers to buy 16,892 ETH.

During this period, the price of Ethereum dipped more than 20% falling from approximately $2,760 to $2,172 in just under 12 hours, according to Cointelegraph Markets Pro.

Reportedly, 39.75 million stolen DAI tokens were used by the hackers to purchase Ethereum. They started moving the stolen funds to Tornado Cash after they purchased them. Tornado Cash is a crypto-mixing service that hides transaction trails.

Lookonchain's blockchain research revealed that the Nomad hacker sent 17.75 ETH to a different Ethereum address, utilizing a portion of the stolen Ether. A total of 2,400 ETH, or roughly $7 million, were moved to Tornado Cash. PeckShield corroborated these results as well.

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Posted Using InLeo Alpha

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