Hackers Use Stolen Funds to Purchase Ether as Prices Plummet Amid Market Crash
TL;DR
Nomad Bridge Exploiter’s Buying Spree: Amid the crypto market downturn, hackers have seized the opportunity to acquire more digital assets. The Nomad Bridge Exploiter managed to acquire 16,892 ETH by sending 39.75 million DAI during the latest market dip.
PancakeBunny Hackers Join In: The same hackers who exploited the PancakeBunny protocol in May 2021 are back in action. They recently swapped 7.8 million DAI for 2,922 ETH during the market downturn.
Global Crypto Market Cap Declines: The broader market decline has led to a 14% drop in the global crypto market cap within 24 hours, dipping below $2 trillion.
Amid a crypto market downturn, hackers are capitalizing on the chaos by acquiring more digital assets. Recent on-chain analysis reveals two notable incidents where stolen funds were used to purchase Ethereum (ETH). Lookonchain, an on-chain smart money tracker, has identified transactions involving the Nomad Bridge Exploiter.
Hackers bought $ETH at the bottom after the market dropped!
The #Nomad Bridge Exploiter spent 39.75M $DAI to buy 16,892 $ETH an hour ago and is depositing $ETH to https://t.co/11PfRBP2j2.https://t.co/8pwhTFSnLw
Crypto bridge #Nomad was exploited for ~$200M on Aug 2, 2022.… pic.twitter.com/9id6bxBR14
— Lookonchain (@lookonchain) August 5, 2024
These hackers managed to acquire 16,892 ETH by sending 39.75 million DAI during the latest market dip. Despite widespread panic triggered by Bitcoin’s plunge below $50,000, the exploiters strategically deposited their newly acquired ETH into Tornado Cash. Notably, the accumulation began as ETH’s price plummeted to as low as $2,100.
PancakeBunny Hackers Join the Fray
The PancakeBunny protocol, based on Binance Smart Chain (BSC), suffered a massive exploit in May 2021, resulting in the theft of over $200 million worth of crypto. Now, the same hackers are back in action.
According to PeckShieldAlert, they recently swapped 7.8 million DAI for 2,922 ETH during the market downturn. Their previous attack involved manipulating prices on PancakeSwap, allowing them to borrow a substantial amount of BNB and crash the BUNNY token’s value.
Global Crypto Market Cap Takes a Hit
These buying sprees occur against the backdrop of a broader market decline. The global crypto market cap has plummeted by over 14% in the last 24 hours, dipping below $2 trillion for the first time in months. Bitcoin, the flagship cryptocurrency, lost more than 14%, reaching a low of $49,000. Ethereum followed suit, dropping over 24% to hit $2,200.
Nomad Bridge’s Infamous Hack
The Nomad Bridge, a blockchain bridge, fell victim to a hack in August 2022. Exploiting a misconfiguration in the project’s main smart contract, attackers looted nearly $200 million worth of cryptocurrency.
Paradigm researcher Samczsun shed light on the incident, revealing that the flaw allowed anyone to replace a recipient’s address with their own. This enabled unauthorized withdrawals of assets, even those not belonging to the attackers.
As the crypto market remains volatile, vigilance against such exploits is crucial. Investors and projects alike must stay informed and take necessary precautions to safeguard their assets from opportunistic hackers.
Filed under: News - @ August 5, 2024 1:26 pm