The crypto market is a rollercoaster, and no one knows this better than the hackers who thrive on its volatility. On August 5th, as Ethereum (ETH) took a dramatic plunge, a select group of cybercriminals saw a golden opportunity. With ETH prices plummeting over 20%, these criminals poured millions in stolen crypto into the market.
Here’s more on this.
Return of the Pancake Bunny Hackers
Blockchain security firm PeckShield revealed a shocker. The hackers from the 2021 Pancake Bunny hack are back. They bought 2.922K ETH with a huge 7.8M DAI. These guys stole $46 million back in 2021, crashing the BUNNY token price. Now, they’re at it again, using their stolen loot.
Nomad Bridge Hackers Join the Frenzy
The plot thickens with another twist. The hackers responsible for the $200 million Nomad Bridge hack in August 2022 are also jumping on the ETH dip. Lookonchain reported that they acquired 16,892 ETH for 39.75 million DAI. They swiftly moved their ETH through Tornado Cash in 100 ETH increments, meticulously covering their tracks.
Tornado Cash is becoming the hackers’ favorite tool. It makes tracing funds really hard for authorities. The Pancake Bunny hacker recently moved 1,002 Ether to this crypto mixer, showing how tricky it is to catch these guys.
Millions Still in Play
The audacity of these hackers is highlighted by the sheer amount of stolen assets still under their control. The Pancake Bunny hacker’s wallet holds $11.4 million in DAI, while one of the Nomad Bridge hacker’s wallets contains over 14,500 ETH, valued at more than $33 million. These figures show us the boldness and cunning of these criminals.
Crypto Market Mayhem!
Ether’s recent price drop marks its steepest decline in 2024, triggering over $300 million in liquidations within 24 hours. Analysts note that ETH has breached key support levels, suggesting further potential declines. This market turmoil has provided hackers with a golden opportunity to acquire Ethereum at a lower price.
Source : CoinGlass As ETH’s price keeps falling, everyone is watching closely. Will the authorities catch these hackers, or will they stay ahead? One thing’s for sure: the crypto world is always exciting and unpredictable.
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