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.

Hackers involved in the Nomad Bridge attack have reportedly used their ill-gotten gains to acquire a substantial amount of Ethereum (ETH) at a favorable price, according to blockchain data analysis.

As part of their activity, the hackers purchased 16,892 ETH, valued at approximately $26.4 million at the time of purchase, using 39.75 million DAI stablecoins, as noted by on-chain data service Lookonchain.

The hackers' activity on the Tornado Cash cryptocurrency mixer was also highlighted by the blockchain data analysis, with the ETH being sent to an address belonging to the mixer.

The Nomad Bridge, a cross-chain messaging protocol for transferring assets between different blockchains, was exploited in August 2022, leading to the theft of nearly $200 million in cryptocurrency.

The attackers were able to manipulate the bridge's smart contract, which is designed to allow authorized parties to withdraw funds, to carry out the exploit. This enabled them to bypass several checks and authentications that would normally prevent unauthorized access and withdrawal of crypto assets.

The hackers essentially introduced transactions that were intended to be vetoed by the contract, but instead they passed through the bridge, allowing the attackers to drain the funds.

The hackers' latest activity, involving the purchase of ETH and its subsequent mixing through Tornado Cash, has elicited varied responses within the crypto community.

While some view the hackers' financial strategy as sound, others express concern regarding the potential vices that may arise from such illicit activities.

The use of Tornado Cash, which complicates tracing the ultimate recipient by anonymizing cryptocurrency transactions, adds another layer to the narrative.

Despite being sanctioned by the U.S. government, Tornado Cash continues to be utilized by bad actors to conceal their crypto footprints.

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