ETH Crashes 20%! Hackers Buy Big with Stolen Funds – Are You at Risk?

The post ETH Crashes 20%! Hackers Buy Big with Stolen Funds – Are You at Risk? appeared first on Coinpedia Fintech News

On August 5, as the price of ETH dropped more than 20%, hackers jumped on the chance to buy the dip with stolen crypto. Let’s dive into this wild story where cybercriminals turn market chaos into their profit.

Pancake Bunny Hackers Strike Again

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.

Source : X(formerly Twitter)

Nomad Bridge Hackers Make Big Moves

The story gets juicier! The hackers behind the $200 million Nomad Bridge hack (Aug 2022)are also buying ETH. Lookonchain reported they bought 16,892 ETH for 39.75 million DAI. They quickly moved this ETH through Tornado Cash, in chunks of 100 ETH, hiding their tracks.

Source : X(formerly Twitter)

Tornado Cash: Hackers’ Favorite Tool

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.

What’s Up with the Stolen Funds?

The Pancake Bunny hacker’s wallet still has $11.4 million in DAI. One of the Nomad Bridge hacker’s wallets holds over 14,500 Ethereum, worth more than $33 million. These are not just numbers; they show how bold and smart these hackers are.

Market Reaction: ETH’s Big Drop

Ether’s recent price fall is its biggest in 2024, causing over $300 Million in liquidations in 24 hours. Analysts say the cryptocurrency has broken key support levels, meaning the price might drop more. This market chaos gave the hackers a chance to buy Ethereum cheap.

Source : CoinGlass

What Happens Next?

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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