Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » Hackers Exploit Ethereum Market Crash: $46M Stolen Funds Used to Buy ETH

Hackers Exploit Ethereum Market Crash: $46M Stolen Funds Used to Buy ETH

Hania by Hania
August 5, 2024
in General News
Reading Time: 2 mins read
A A
0
Hackers Exploit Ethereum Market Crash: $46M Stolen Funds Used to Buy ETH
Share on FacebookShare on Twitter
ADVERTISEMENT

Cryptocurrency hackers have seized the opportunity presented by the recent market downturn to acquire Ethereum at a steep discount. This strategy involves leveraging stolen funds from past cybercrimes to make substantial investments in digital assets.

Hackers Exploit Ethereum’s Market Decline

On August 5, hackers used funds stolen from the 2022 Nomad bridge hack to purchase 16,892 ETH. The transaction occurred during a significant drop in Ethereum’s value, which plummeted from approximately $2,760 to $2,172 in less than 12 hours. This dramatic decline in value provided an opportune moment for these illicit actors to buy Ethereum at a discounted price.

Hackers Exploit Ethereum Market Crash: $46M Stolen Funds Used to Buy ETH
Source: TradingView

Stolen Funds Routed Through Crypto Mixer

According to blockchain analytics firm Lookonchain, the Nomad bridge hacker utilized 39.75 million DAI, a stablecoin, to acquire the 16,892 ETH. Following the purchase, the stolen funds were routed through Tornado Cash, a crypto mixer used to obscure the trail of on-chain transactions. This process helps the hackers avoid detection and makes it difficult for authorities to trace the stolen assets.

Hackers Exploit Ethereum Market Crash: $46M Stolen Funds Used to Buy ETH
Source: Look On Chain

Blockchain investigation firm PeckShield corroborates these findings, noting that the hacker also transferred 17.75 ETH to an intermediary Ethereum address and has since moved approximately 2,400 ETH (worth $7 million) to Tornado Cash. This method of fund movement is typical of hackers seeking to launder their stolen assets.

You May AlsoLike

Polymarket Bets

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Hackers Exploit Ethereum Market Crash: $46M Stolen Funds Used to Buy ETH
Source: PeckShield

Additional Hacks and Market Manipulation

The current market uncertainty has also prompted other hackers to move stolen funds. For instance, the hacker involved in the Pancake Bunny exploit from three years ago has also been active. This individual exchanged stolen DAI tokens for ETH, although a portion of the transaction was mistakenly sent to an unsupported address.

Pancake Bunny, a decentralized finance protocol on the BNB Smart Chain, suffered a flash loan attack in 2021. The hacker involved in this incident recently used Tornado Cash to siphon $2.9 million worth of Ether.

Tags: eth newsEthereum ($ETH)
Share76Tweet48
ADVERTISEMENT
Previous Post

XRP Falls Below $0.47: How Much XRP Can You Acquire with $1,000, $5,000, and $10,000

Next Post

India Hits Binance With $86M Tax Bill for GST Non-Compliance

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Polymarket Bets
General News

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade
General News

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve
General News

Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve

February 28, 2025
MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana
Crypto Wallets

MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

February 28, 2025
Bitcoin Bull Run Could Continue, says CryptoQuant CEO - Unless This Critical Threshold Is Breached
General News

Bitcoin Bull Run Could Continue, says CryptoQuant CEO – Unless This Critical Threshold Is Breached

February 28, 2025
Solana Futures Launch at CME Boosts Price Amid High Demand
General News

Solana Futures Launch at CME Boosts Price Amid High Demand

February 28, 2025
Next Post
India Hits Binance With $86M Tax Bill for GST Non-Compliance

India Hits Binance With $86M Tax Bill for GST Non-Compliance

Discussion about this post

Live Prices

You have not selected any currency to display

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    239 shares
    Share 96 Tweet 60
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    197 shares
    Share 79 Tweet 49
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    196 shares
    Share 78 Tweet 49
  • OKB Price Prediction 2023 – 2030: Will OKB reach $200?

    201 shares
    Share 80 Tweet 50
  • November’s Bitcoin Price Forecast: A Bullish Odyssey

    196 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.