How attackers cashed in on a black day for the world of cryptocurrencies.
When Bitcoin (BTC) and the entire cryptocurrency market experienced a major drop on August 5, the attackers saw a great opportunity to make money.
They took the opportunity to use the stolen funds to buy on the downturn and increase their assets.
Blockchain analysts from Lookonchain and PeckShield drew attention to the actions of hackers who hacked the Nomad bridge in 2022. The criminals exchanged about $ 40 million in DAI stablecoins for 17,750 ethereum (ETH), setting the average transaction price at about $ 2,254 per ETH. Researchers from Cybernews also monitored the situation. According to their data, when the ethereum exchange rate was about $ 2,500, the attackers investments grew by about 10%, or about $ 4 million.
However, at least 2,400 ethereums (approximately $ 6 million) were then sent to the Tornado Cash cryptocurrency mixer, which helps hide transaction history. It is not known whether these funds were cashed out or whether hackers are still holding them in the hope of further growth in value.
Analysts opinions on the recovery of the market after one of the most significant collapses vary. Some believe that another downturn is possible, while others point to previous similar collapses, which were followed by a relatively rapid recovery.
The situation has worsened due to the fact that the Central Bank of Japan unexpectedly raised interest rates last week. This decision triggered an avalanche of liquidations of failed investments in traditional markets. Consequently, the crypto asset market – the only one that operates on weekends-was also affected.
In August 2022, the hackers behind the hacking of the Nomad bridge withdrew about $ 190 million in cryptocurrencies, disrupting communications between different blockchains. By November 2022, Nomad had recovered about $ 39 million. Then the company promised criminals up to 10% of the stolen funds and the title of "white" hackers if they return the assets.
Source
When Bitcoin (BTC) and the entire cryptocurrency market experienced a major drop on August 5, the attackers saw a great opportunity to make money.
They took the opportunity to use the stolen funds to buy on the downturn and increase their assets.
Blockchain analysts from Lookonchain and PeckShield drew attention to the actions of hackers who hacked the Nomad bridge in 2022. The criminals exchanged about $ 40 million in DAI stablecoins for 17,750 ethereum (ETH), setting the average transaction price at about $ 2,254 per ETH. Researchers from Cybernews also monitored the situation. According to their data, when the ethereum exchange rate was about $ 2,500, the attackers investments grew by about 10%, or about $ 4 million.
However, at least 2,400 ethereums (approximately $ 6 million) were then sent to the Tornado Cash cryptocurrency mixer, which helps hide transaction history. It is not known whether these funds were cashed out or whether hackers are still holding them in the hope of further growth in value.
Analysts opinions on the recovery of the market after one of the most significant collapses vary. Some believe that another downturn is possible, while others point to previous similar collapses, which were followed by a relatively rapid recovery.
The situation has worsened due to the fact that the Central Bank of Japan unexpectedly raised interest rates last week. This decision triggered an avalanche of liquidations of failed investments in traditional markets. Consequently, the crypto asset market – the only one that operates on weekends-was also affected.
In August 2022, the hackers behind the hacking of the Nomad bridge withdrew about $ 190 million in cryptocurrencies, disrupting communications between different blockchains. By November 2022, Nomad had recovered about $ 39 million. Then the company promised criminals up to 10% of the stolen funds and the title of "white" hackers if they return the assets.
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