Cash News
Nomad bridge and PancakeBunny hackers are buying ETH.
Hackers who exploited the Nomad cross-chain bridge to steal $200 million, leveraged the cryptocurrency market crash to purchase ETH.
According to data from on-chain analytics firm Lookonchain, the Nomad bridge exploiter spent $39.75 million in DAI stablecoin to acquire 16,892 ETH.
On Monday, Ethereum’s price plunged by 20% to fall below $2,300 — a level last seen in February. The global cryptocurrency market capitalization was down 17% in the last 24 hours, to $1.79 trillion.
Blockchain security firm PeckShield shed more light on the exploit, revealing that the hackers have already transferred about 2,400 ETH (worth approximately $7 million) to Tornado.Cash, a service that obscures the source of funds by mixing cryptocurrencies.
On Aug. 2, 2022, hackers breached the Nomad cross-chain bridge, stealing around $200 million. Paradigm researcher Sam CZ Sun had explained on X that the breach resulted from a flaw in the bridge’s smart contract. This vulnerability led hackers to systematically drain the bridge’s funds across multiple transactions.
PeckShield also reported that other exploiters were seen moving funds.
“Our community contributor detected that the PancakeBunny exploiter-labeled address aped into $ETH when the market dropped, swapping 7.8M $DAI for 2.922K $ETH,” the security firm tweeted.
On May 19, 2021, PancakeBunny’s Bunny Protocol fell victim to a flash loan attack, resulting in a $45 million exploit.