Hackers capitalized on a market dip to acquire Ethereum at low prices following a significant exploit of the Nomad Bridge. Utilizing 39.75 million DAI, the Nomad Bridge exploiter purchased 16,892 ETH according to the smart money tracker, Lookonchain. The exploiter began transferring the acquired ETH to Tornado.Cash, a privacy-focused service.
The Nomad Bridge Exploiter’s address received an enormous inflow of 39.75 million DAI, which was swiftly used to buy Ethereum. Transaction data from Lookonchain illustrates that the address 0x663aD6B8…CA4CCF448 executed several transfers, each involving 2,000,000 DAI to the CoW Protocol: GPv2Settlement. This substantial outflow indicates significant ETH purchases, leveraging the market’s low prices. The calculated use of DAI to accumulate ETH reflects an opportunistic strategy, exploiting market conditions.
Post-acquisition, the exploiter initiated multiple transfers of 100 ETH each to Tornado.Cash. This series of transactions aims to anonymize the stolen funds. By routing ETH through Tornado.Cash, the exploiter attempts to obscure the origin of the funds. These actions indicate a deliberate effort to leverage Tornado.Cash’s mixing services. The repeated use of 100 ETH transfers showcases a methodical approach to securing anonymity, further proving the complexity of tracking illicit crypto movements.
Crypto Market Faces Massive Liquidations Amid BTC, ETH FallThe Nomad Bridge, a crucial cross-chain token bridge, was exploited in August 2022, resulting in nearly $200 million in losses. This incident is part of a broader trend of vulnerabilities in cross-chain bridges. The Nomad team acknowledged the breach and had engaged blockchain intelligence and forensics firms to investigate. Law enforcement was notified, with efforts focused on identifying the involved accounts and recovering the stolen funds.
These developments come amid a broader downturn in the crypto market. Ethereum’s price has declined by 20.20% in the past 24 hours, valued at $2,321.10 at press time. This decline, coupled with a significant seven-day drop, adds context to the exploiter’s strategic acquisition. The ongoing investigation and market conditions provide a critical backdrop to this high-profile exploit, emphasizing the importance of robust security in the crypto space.
