Nomad Bridge Hackers Bought Millions of ETH After the Price Dropped

A hacker who grabbed hundreds of millions from 2022's Nomad bridge hack capitalized on ETH's price drop to buy large amounts of the asset at a low price.

A hacker who stole hundreds of millions during the 2022 Nomad bridge exploit has capitalized on the recent drop in ETH price to buy up large amounts of the asset at a low price. The hacker exchanged 39.75 million DAI for 16,892 ETH on August 5. As ETH dropped by over 20% in 12 hours, going from $2,760 to $2,172, the hacker took advantage of the price decline.

Blockchain analytics firm Lookonchain, which monitors on-chain activity, reported on the incident via Twitter, “The #Nomad Bridge Exploiter spent 39.75M $DAI to buy 16,892 $ETH an hour ago and is depositing $ETH to http://Tornado.Cash.” Tornado Cash, a crypto mixer, enables users to conceal their fund flows, a method often employed by cybercriminals to evade law enforcement agencies.

Another blockchain analytics firm, PeckShield, provided further details on the hacker’s activities via Twitter, “#PeckShieldAlert #NomadBridge Exploiter-labeled address has transferred 39.75M $DAI & 17.75 $ETH to an intermediary address 0x663a…f448. The $DAI was swapped for 16.89K $ETH, & 2.4K $ETH (worth ~ $7M) was transferred to #Tornadocash.” In addition to the 17.75 ETH sent to an intermediary wallet and the ETH received from exchanging the stolen DAI in the same address, the hacker also moved 2,400 ETH to Tornado Cash.

Moreover, another hacker who successfully exploited the Pancake Bunny protocol in 2021 via a flash loan attack, netting $45 million, also exchanged their stolen DAI for ETH. As the asset's price plummeted, they swapped 7.8 million DAI tokens for 2,922 ETH. However, due to an error, the hacker may have also locked away a substantial amount of funds permanently. They sent 3.6 million DAI to a contract that does not support the asset, potentially rendering the tokens irrecoverable.

This hacker had previously used Tornado Cash to obfuscate $2.9 million of ETH on July 8. They may continue to move more funds through the mixer.

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