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The Nomad Bridge exploiter is taking advantage of the low Ethereum price by acquiring a significant quantity of the cryptocurrency during the market downturn and subsequently depositing it into Tornado Cash.
Information shared by Lookonchain on the social media platform X indicates that the exploiter invested 39.75 million DAI to obtain 16,892 ETH. This acquisition took place during a market decline, enabling the hacker to purchase Ethereum at a notably reduced price.
Hackers purchased $ETH at the lowest point following the market decline!
The #Nomad Bridge exploiter expended 39.75M $DAI to acquire 16,892 $ETH an hour ago and is depositing $ETH to https://t.co/11PfRBP2j2. https://t.co/8pwhTFSnLw
The crypto bridge #Nomad was compromised for approximately $200M on August 2, 2022.… pic.twitter.com/9id6bxBR14
— Lookonchain (@lookonchain) August 5, 2024
As of Monday, Ethereum, the second-largest cryptocurrency, is trading down 19% at $2,356 over the past 24 hours. Bitcoin is down 10% at $54,207 as of 3:50 UTC. Some view the sell-off as a chance to invest in cryptocurrencies at a lower price.
Earlier today, Jump Crypto, the crypto division of Jump Trading, also transferred large amounts of Ethereum to centralized exchanges (CEXs) such as Binance, OKX, Bybit, Coinbase, and Gateio.
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This transaction underscores the company’s change in managing its Ethereum holdings, potentially signaling a reallocation of its crypto portfolio or anticipating market shifts. Transferring large quantities of cryptocurrency can lead to significant price fluctuations.
Nomad Bridge Exploit in 2022
The Nomad Bridge exploit was a major incident in the cryptocurrency sector in August 2022. The security breach involved the Nomad Bridge, a cross-chain protocol that enables the transfer of assets across various blockchains. The vulnerabilities in the bridge’s code were exploited, resulting in the unauthorized withdrawal of over $190 million in cryptocurrency.
The event underscored the potential security vulnerabilities associated with decentralized finance (DeFi) protocols, highlighting the necessity for strong security measures.
Last year, the Nomad protocol team announced that they had upgraded the Nomad protocol to address the vulnerability that led to the hack and to enable users to bridge back madAssets and access a pro-rata share of the recovered funds.
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