Crypto hackers accumulate Ethereum during the crypto crash

Lookonchain identified the transactions of the Nomad Bridge Exploiter. According to the post, the hackers have sent 39.75 million DAI to buy 16,892 Ethereum during the latest market dip.

Details from the on-chain smart money tracker show that hackers are buying more crypto to their portfolio even as the market is in panic mode with Bitcoin plunging below $50,000. The exploiters of Nomad Bridge have begun depositing their recently bought 16,892 ETH to Tornado Cash. The accumulation began as ETH price dropped to as low as $2,100.

Hackers bought $ETH at the bottom after the market dropped!

The #Nomad Bridge Exploiter spent 39.75M $DAI to buy 16,892 $ETH an hour ago and is depositing $ETH to https://t.co/11PfRBP2j2.https://t.co/8pwhTFSnLw

Crypto bridge #Nomad was exploited for ~$200M on Aug 2, 2022.… pic.twitter.com/9id6bxBR14

— Lookonchain (@lookonchain) August 5, 2024

PancakeBunny exploiter buys Ethereum dip

The hackers of PancakeBunny have also made moves presumably aimed at leveraging the market dip. According to PeckShieldAlert, the hackers bought Ethereum when its price dropped. According to the details shared by the on-chain monitoring firm, the attackers swapped 7.8 million DAI for 2,922 ETH.

#PeckShieldAlert Our community contributor has detected that the #PancakeBunny exploiter-labeled address aped into $ETH when the market dropped.
The exploiter swapped 7.8M $DAI for 2.922K $ETH.
On May 19, 2021, PancakeBunny’s Bunny Protocol fell victim to a flash loan attack,… pic.twitter.com/wACNvYk0Rn

— PeckShieldAlert (@PeckShieldAlert) August 5, 2024

Binance Smart Chain-based DeFi protocol PancakeBunny was the victim of a large-scale exploit in May 2021. The attack allowed the hackers to loot over $200 million worth of crypto from the protocol. The hackers used PancakeSwap to borrow a huge amount of BNB.

They then manipulated the prices of USDT/BNB and BUNNY/BNB. This flash loan attack allowed them to receive a large amount of BUNNY through this flash loan attack. Following this, the hackers dumped all their BUNNY, which also sent the coin’s price crashing.

Hackers buying the dip as the global crypto market cap falls below $2 trillion

The accumulation of Ethereum by these hackers comes at a time when the global crypto market cap has plunged by over 14% in the last 24 hours. The crypto market cap fell below $2 trillion for the first time in many months and now stands at $1.85 trillion.

Bitcoin has lost over 14%, falling as low as $49,000. Ethereum has moved in the same direction, as it lost over 21%, dropping to a low of $2,100.

The blockchain bridge Nomad was hacked in August 2022. The attackers managed to loot almost $200 million worth of cryptocurrency by exploiting a misconfiguration in the project’s main smart contract.

Paradigm researcher Samczsun posted on X after the attack, citing what really went behind the million-dollar hack. The flaw even allowed anyone to replace a person’s address with theirs once they found a transaction that worked. This made it possible for users to withdraw assets that were not even theirs.