Crash

Ethereum

Tornado Cash

Pancake Bunny

Elon Musk

<ul>
 <li>Ethereum plummeted over 20% in one day, aligning with global market drops.</li>  
 <li>Hackers used stolen funds to buy 16,892 Ether during market low.</li>  
 <li>Jump Crypto unstaked and moved millions in Ethereum, raising liquidity concerns.</li> 
</ul>  
<p>Following a drop in global stock markets, including major indices such as Japan's NIKKEI and the S&amp;amp; P 500, the cryptocurrency market saw substantial volatility. On August 5, Ethereum's value fell by more than 20% in a single day, from around $2,760 to $2,172.</p>  
<p>This drastic decrease coincided with broader financial instability, as evidenced by a historical two-day decline of 22% in Japan's NIKKEI and a 7% fall in both European and US stock markets.</p>  
<h2 class="wp-block-heading" id="h-hackers-and-large-sells">Hackers and Large Sells</h2>  
<p>Hackers associated with previous exploits of the crypto bridge Nomad and the decentralized finance protocol Pancake Bunny utilized stolen funds to acquire Ether at reduced rates.&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/PeckShieldAlert/status/1820354961655652429
 </div>
</figure>  
<p>Notably, an entity linked to the Nomad bridge hacker used 39.75 million stolen Dai tokens to buy 16,892 ETH, then transferred the stolen funds to crypto mixer Tornado Cash. Crypto hackers often use these services to deter onchain traceability and usually do so without returning the stolen funds.&nbsp;</p>  
<p>Blockchain investigation firm PeckShield also noted that the hacker sent 17.75 ETH to an intermediary Ethereum address. At the time of writing, the hacker transferred approximately 2,400 ETH (worth around $7 million) to Tornado Cash.</p>  
<p>This purchase occurred nearly simultaneously with another large-scale operation where Jump Crypto unstaked and transferred hundreds of millions worth of Ethereum to exchanges, prompting concerns about potential liquidity issues within the firm.</p>  
<h2 class="wp-block-heading" id="h-blockchain-analytics-and-security-observations">Blockchain Analytics and Security Observations</h2>  
<p>Blockchain analytics firms such as Lookonchain and PeckShield have closely monitored these activities. Their observations revealed that the stolen funds were often laundered through crypto mixers like Tornado Cash to obscure their origins.&nbsp;</p>  
<p>Moreover, the recent transactions have reawakened discussions about the security of blockchain protocols and the effectiveness of current regulatory frameworks in tracking and mitigating such exploits.</p>  
<p>The immediate aftermath of these transactions has raised concerns about decentralized finance platforms and the processes by which they can be misused. While some market participants continue to buy the drop, the overall attitude is cautious, focusing on potential regulatory responses and more market falls. The ongoing situation underscores the complex interplay between market dynamics and cybersecurity in the digital age.</p>  
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>  
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/whalechart-north-korean-hackers-stole-7-billion-of-crypto-last-year/" rel="noopener noreferrer nofollow">Whalechart: North Korean Hackers Stole $7 Billion of Crypto Last Year</a></li>  
 <li><a href="https://cryptonewsland.com/all-stolen-alchemix-funds-returned/" rel="noopener noreferrer nofollow">All Stolen Alchemix Funds Returned; 10% Bounty to Hackers</a></li>  
 <li><a href="https://cryptonewsland.com/crypto-exchange-dmm-bitcoin-hackers-launder-35-million-through-cambodian-marketplace/" rel="noopener noreferrer nofollow">Crypto Exchange DMM Bitcoin, Hackers Launder $35 Million Through Cambodian Marketplace</a></li>  
 <li><a href="https://cryptonewsland.com/elon-musk-crypto-memes-catches-cyber-hackers-attention/" rel="noopener noreferrer nofollow">Elon Musk Crypto Memes Catches Cyber Hackers Attention</a></li>  
 <li><a href="https://cryptonewsland.com/north-korean-hackers-keep-hacking-the-crypto-space-reuters-reports/" rel="noopener noreferrer nofollow">North Korean Hackers Keep Hacking the Crypto Space, Reuters Reports</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/crypto-hackers-capitalize-on-market-crash-to-purchase-ethereum-with-stolen-funds/" rel="noopener noreferrer nofollow">Crypto Hackers Capitalize on Market Crash to Purchase Ethereum with Stolen Funds</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Crypto Hackers Capitalize on Market Crash to Purchase Ethereum with Stolen Funds

Table of Contents

Crypto News Land

Other articles published on Aug 5, 2024

This Is Why Bitcoin (BTC) Could Drop to $40K: CryptoQuant

XRP News Today: Ripple’s New Stablecoin Launch Could Crush SEC Lawsuit—Here’s How!

Japan’s Rate Hike Shakes Crypto Markets

Japan Stock Market Crash Triggers Crypto Market Crash, Bitcoin & Ethereum Bleeding

Shytoshi Kusama’s Cryptic Message Ignites Shiba Inu Community

Chainlink Proof of Reserve Now Backs 21Shares Core Ethereum ETF

Join our free newsletter for daily crypto updates!