In a brazen display of opportunism, hackers linked to the August 2022 Nomad Bridge hack capitalized on the opportunity to purchase Ether at a discount using funds stolen from the heists.
On August 5, the hacker bought 16,892 ETH using stolen Dai tokens linked to the infamous Nomad Bridge hack of August 2022. This development occurs as Ether’s value plummeted over 20% within a mere 12 hours.
According to blockchain analytics firm Lookonchain, the Nomad Bridge exploiter utilized 39.75 million stolen Dai (DAI) tokens to acquire 16,892 ETH. The purchase followed a steep decline in Ether’s price, dropping from approximately $2,760 to $2,172.
Shortly after acquiring the Ether, the hacker began transferring the assets to the crypto mixer Tornado Cash, a platform frequently used by malicious actors to obscure transaction trails and launder stolen funds.
PeckShield, another blockchain investigation firm, added that the Nomad exploiter simultaneously transferred 17.75 Ether to an intermediary address and has since moved approximately 2,400 Ether, valued at around $7 million, to Tornado Cash.
In a related case, funds connected to the Pancake Bunny hack from 2021 were also moved amid the ongoing market uncertainty. The Pancake Bunny protocol, a decentralized finance platform on the BNB Smart Chain, was previously exploited in a flash loan attack. In a recent event on July 8, the Pancake Bunny hacker used Tornado Cash to siphon $2.9 million worth of Ether.
Blockchain investigators highlight that an unusual transaction where 3.6 million DAI, connected to the Pancake Bunny exploit, was mistakenly sent to a DAI stablecoin address, underscoring the risks associated with handling stolen or misdirected funds in the crypto space.
These incidents highlight the persistent threats posed by crypto hackers, who often exploit market conditions to their advantage. The movement of stolen funds through mixers like Tornado Cash complicates efforts to trace and recover assets, posing ongoing challenges for law enforcement and the broader cryptocurrency community.
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