Hackers Exploit Market Crash, Buy Ethereum Dip With Stolen Crypto💻🤑
The stolen funds originated from the notorious Nomad bridge hack that happened in August 2022.In that security exploitation, over $190 million in crypto assets were taken. Curiously, the hackers then laid low until now.
So what changed now? Well, the dip in ETH's value presented the ideal opportunity for the hackers to play their next card. What the hackers did was activate a wallet containing the stolen funds and execute a series of transactions. They simply swapped DAI for ETH through a decentralized exchange aggregator.VOILA: In this way they scored a substantial amount of Ethereum at a significantly reduced price.
Their last act was to hide the origins of the stolen funds and block or frustrate tracing efforts through Tornado Cash. They achieved this by transferring the bought ETH to Tornado Cash.
As you might be aware, Tornado Cash is a controversial privacy-focused cryptocurrency mixer. This tactic is commonly employed by cybercriminals to launder illicit proceeds and obfuscate their criminal activities.
While the use of Tornado Cash has been a subject of intense debate, its role in facilitating such transactions highlights the ongoing challenges faced by law enforcement and regulatory bodies in combating cryptocurrency-related crimes.
