A hacker took advantage of the recent crypto market drop to purchase 16,892 ETH using stolen DAI from the Nomad bridge hack in 2022.
The hacker used 39.75 million stolen DAI to buy ETH at an average price of $2,350 per ether.
The stolen funds were then moved to Tornado Cash, making them difficult to trace.
During a significant decline in the crypto market, hackers saw an opportunity to buy ETH at a discounted price using funds stolen from previous attacks.
This morning, 16,892 ETH was purchased with stolen cryptocurrencies from the August 2022 Nomad bridge hack. This transaction took place as ETH had lost over 30% of its value in 12 hours, dropping from around $2,800 to $2,118.
Analysis of the transaction and movements of the stolen funds
The blockchain analysis company Lookonchain reported that the Nomad bridge hacker used 39.75 million stolen DAI to buy 16,892 ETH at an average price of $2,350 per ether. Shortly after this purchase, the hacker began moving the stolen funds to the crypto mixing service Tornado Cash, a common technique to evade on-chain traceability and dispose of ill-gotten funds.
In parallel, the blockchain investigation firm PeckShield observed that the Nomad exploiter simultaneously sent 17.75 ETH to an intermediate address on Ethereum. At that time, the hacker had already transferred about 2,400 ETH, worth about $7 million, to Tornado Cash.
