Crypto Hacker Pumps $40 Million Into Ethereum Despite Decline

Wallet Linked to Massive Heist Buys Cryptocurrency That Lost Nearly a Quarter of Its Value

As a sharp selloff hit crypto markets, inflicting heavy losses on holders of most major currencies, an unusual party seized the opportunity to buy into the decline.

A blockchain wallet linked to a hacker who carried out a massive cryptocurrency heist two years ago swapped some of its ill-gotten gains for Ethereum on Monday, even as the second-largest cryptocurrency plunged as much as 23%.

Nomad, a protocol used as a bridge to transfer cryptocurrencies between different blockchains, lost nearly $200 million due to a security exploit in 2022. Blockchain data cited by security firm PeckShield indicates that hackers exchanged $39.75 million worth of the DAI stablecoin to buy 16,892 Ethereum as the selloff accelerated.