Hackers Buy the Dip with Stolen Crypto as ETH Price Drops 20%

On August 5, as the price of ETH dropped more than 20%, hackers jumped on the chance to buy the dip with stolen crypto.

As the price of ETH plummeted by over 20% on August 5, hackers seized the opportunity to purchase the dip using stolen cryptocurrency. Join us as we uncover this thrilling tale of cybercriminals exploiting market turbulence for their own gain.

Pancake Bunny Hackers Return to the Scene

Blockchain security firm PeckShield unveiled a surprising development: the hackers responsible for the 2021 Pancake Bunny hack have resurfaced. They purchased 2.922K ETH at a substantial cost of 7.8M DAI.

In 2021, these hackers stole a staggering $46 million, causing the BUNNY token price to crash. Now, they are once again utilizing their illicit gains.

Nomad Bridge Hackers Make Substantial Moves

The narrative thickens! Hackers involved in the $200 million Nomad Bridge hack (August 2022) are also purchasing ETH. According to Lookonchain, they purchased 16,892 ETH for 39.75 million DAI.

This ETH was swiftly transferred through Tornado Cash in 100 ETH increments to conceal their tracks.

Hackers Favor Tornado Cash for Anonymity

Authorities are finding it increasingly difficult to trace funds due to the growing preference for Tornado Cash among hackers. Recently, the Pancake Bunny hacker transferred 1,002 Ether to this crypto mixer, demonstrating the challenges faced in apprehending these individuals.

Fate of the Stolen Funds

The Pancake Bunny hacker's wallet still contains $11.4 million in DAI, while one of the Nomad Bridge hacker's wallets holds over 14,500 Ethereum, valued at more than $33 million. These figures not only highlight the hackers' boldness but also their technological savvy.

Market Response: ETH Experiences Largest Drop

Ether has experienced its steepest price decline in 2024, triggering over $300 Million in liquidations within 24 hours. Analysts note that the cryptocurrency has breached crucial support levels, indicating a potential for further price reduction.

This market turbulence has presented an opportunity for hackers to acquire Ethereum at a discounted price.

Anticipation Builds for Upcoming Developments

As ETH's price continues to fall, all eyes are fixed on the next chapter. Will authorities succeed in apprehending these hackers, or will they continue to outmaneuver them? One thing is certain: the realm of cryptocurrencies never fails to captivate with its volatility and unpredictability.

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