Hackers exploit the market crash, using stolen funds from the 2022 Nomad bridge hack to purchase 16,892 ETH at a significant discount.
Cryptocurrency hackers saw the ongoing crash market as an opportunity to buy up heavily discounted Ether (ETH) using stolen funds from previous heists.
On Aug. 5, 16,892 ETH was bought using stolen cryptocurrency funds linked to a hack on crypto bridge Nomad from August 2022. This comes at a time when Ether lost over 20% of its value — from approximately $2,760 to $2,172 — in under 12 hours, according to data from Cointelegraph Markets Pro and TradingView.
Blockchain analytics firm Lookonchain noted that the Nomad bridge exploiter used 39.75 million DAI (DAI) of stolen tokens to buy 16,892 ETH. Soon after the purchase, the hacker began moving the stolen funds to crypto mixer Tornado Cash.
