According to Bloomberg, during a significant selloff that impacted crypto markets and caused substantial losses for holders of major tokens, a blockchain wallet linked to a hacker from a massive crypto heist two years ago took the opportunity to buy the dip. The wallet, associated with a hacker who exploited the Nomad bridge protocol in 2022, swapped a portion of its illicit gains for Ether on Monday, even as the second-largest cryptocurrency dropped by as much as 23%.

Nomad, a protocol used to transfer cryptocurrencies between different blockchains, lost nearly $200 million due to a security breach in 2022. Blockchain data from security firm PeckShield indicates that the hacker exchanged $39.75 million worth of DAI, a stablecoin, to purchase 16,892 Ether tokens just as the market selloff intensified. The hacker subsequently moved a total of 2,400 Ether tokens in batches of 100 to Tornado Cash, a mixing service.

The decline in Ether's value was the steepest since 2021, driving the token down to $2,116. Bitcoin also experienced a significant drop, sinking almost 17% and briefly trading below $50,000, marking its worst decline since a previous market collapse.