Hackers exploited Nomad Bridge buying 16,892 ETH with 39.75M DAI during market dip.
Nomad Bridge Exploiter transferred ETH in 100 ETH batches to Tornado.Cash.
These developments come amid a broader downturn in the crypto market.
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.Â
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
â Lookonchain (@lookonchain) August 5, 2024
The Nomad Bridge Exploiterâs 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 0x663aD6B8âŠCA4CCF448 executed several transfers, each involving 2,000,000 DAI to the CoW Protocol: GPv2Settlement. This substantial outflow indicates significant ETH purchases, leveraging the marketâs 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.Cashâs 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 Fall
The 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.Â
These developments come amid a broader downturn in the crypto market. Ethereumâs 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 exploiterâs 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.
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