Bunny

Tornado Cash

Pancake Bunny

Tornado

Nomad

As the price of ETH dropped over 20% on Aug. 30, hackers were seen leveraging the opportunity to buy the dip using stolen crypto.
According to blockchain security firm PeckSheild, the perpetrators behind the 2021 hack on Binance Smart Chain-based defi protocol Pancake Bunny bought 2.922K <a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH </a>for 7.8M DAI.
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 <a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> Our community contributor has detected that the <a href="https://twitter.com/hashtag/PancakeBunny?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#PancakeBunny</a> exploiter-labeled address aped into <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> when the market dropped. The exploiter swapped 7.8M <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$DAI</a> for 2.922K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>. On May 19, 2021, PancakeBunny’s Bunny Protocol fell victim to a flash loan attack,… <a href="https://t.co/wACNvYk0Rn" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/wACNvYk0Rn</a>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1820359039072747702?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 5, 2024</a>
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The defi protocol was <a href="https://x.com/PancakeBunnyFin/status/1395173093333680136" target="_blank" rel="noopener noreferrer nofollow">exploited</a> in a 2021 flash loan attack, in which $46 million worth of its tokens were siphoned off and swapped for tokens like BNB, USDT, and DAI. The attack caused the price of the project’s native token, BUNNY, to crash.
Last month, the exploiter’s address returned from dormancy and <a href="https://x.com/CertiKAlert/status/1810220646414123436" target="_blank" rel="noopener noreferrer nofollow">transferred</a> 1,002 Ether to crypto mixer Tornado Cash. The service allows bad actors to make tracing of funds difficult for authorities.&nbsp;
At the time, the attacker’s wallet reportedly held $11.4 million of Dai (<a href="https://crypto.news/price/dai/" target="_blank" rel="noopener noreferrer nofollow">DAI</a>).
Similarly, the attackers behind the $200 million hack of cross-chain token bridge Nomad have also <a href="https://x.com/lookonchain/status/1820332406911672320" target="_blank" rel="noopener noreferrer nofollow">acquired ETH</a>, according to analytics firm Lookonchain.
Nomad Bridge allowed users to send funds across multiple blockchains. The attack stemmed from a vulnerability in the smart contract where tokens sent via the bridge are initially deposited.&nbsp;
You might also like: <a href="https://crypto.news/crypto-defi-companies-lost-266m-to-hackers-in-july/" rel="noopener noreferrer nofollow"> Crypto companies, defi lost $266m to hackers in July </a>
On August 30, 2024, the attacker spent 39.75 million DAI to acquire 16,892 ETH before moving them through Tornado Cash in a series of transactions for 100 ETH each. In total, the attacker moved approximately 2400 ETH to the privacy mixer.
Over the years, the attacker has moved the stolen assets on multiple occasions, with over $1.5 million <a href="https://crypto.news/nomad-exploit-wallet-address-transfers-1-5m-to-crypto-mixer-tornado-cash/" target="_blank" rel="noopener noreferrer nofollow">laundered via Tornado Cash</a> in January 2023. Prior to that, $7.5 million was <a href="https://crypto.news/wallet-linked-to-nomad-bridge-exploit-moves-7-5-million-to-unknown-address/" target="_blank" rel="noopener noreferrer nofollow">moved</a> to an unknown address.
As of publication time, one of the Nomad bridge attacker’s wallets held just over 14,500 ETH valued at over $33 million.
The recent moves come as ETH recorded its largest drop in 2024, presenting a lucrative buying opportunity. According to analysts, the cryptocurrency has <a href="https://crypto.news/ethereum-nosedives-32-weekly-drop-largest-ytd-loss/" target="_blank" rel="noopener noreferrer nofollow">lost key support levels</a>, and the price is expected to dip even further.&nbsp;
The price drop came as the broader crypto market saw over <a href="https://crypto.news/crypto-liquidations-surpass-1b-amid-market-wide-turbulence/" target="_blank" rel="noopener noreferrer nofollow">$1 billion in liquidations</a> recorded in 24 hours.
Read more: <a href="https://crypto.news/uk-hacker-linked-to-compromised-celebrity-x-accounts-used-to-promote-530m-meme-coin-scam-report/" rel="noopener noreferrer nofollow"> UK hacker linked to compromised celebrity X accounts used to promote $530m meme coin scam: report </a>

Hackers use stolen funds to buy ETH amid price crash

crypto.news

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