{"id":169570,"date":"2024-08-05T13:26:34","date_gmt":"2024-08-05T13:26:34","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=169570"},"modified":"2024-08-05T13:26:40","modified_gmt":"2024-08-05T13:26:40","slug":"hackers-use-stolen-funds-to-purchase-ether-as-prices-plummet-amid-market-crash","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/hackers-use-stolen-funds-to-purchase-ether-as-prices-plummet-amid-market-crash\/","title":{"rendered":"Hackers Use Stolen Funds to Purchase Ether as Prices Plummet Amid Market Crash"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Nomad Bridge Exploiter\u2019s Buying Spree:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Amid the crypto market downturn, hackers have seized the opportunity to acquire more digital assets. The Nomad Bridge Exploiter <\/span><span data-preserver-spaces=\"true\">managed to <\/span><span data-preserver-spaces=\"true\">acquire<\/span><span data-preserver-spaces=\"true\"> 16,892 ETH by sending 39.75 million DAI during the latest market dip.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">PancakeBunny Hackers Join In:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0The <\/span><span data-preserver-spaces=\"true\">same<\/span><span data-preserver-spaces=\"true\"> hackers who exploited the PancakeBunny protocol in May 2021 are back in action. They recently swapped 7.8 million DAI for 2,922 ETH during the market downturn.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Global Crypto Market Cap Declines:<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">\u00a0The broader market decline has led to a 14% drop in the global crypto market cap within 24 hours, dipping below $2 trillion.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Amid a crypto market downturn, hackers are capitalizing on the chaos by acquiring more digital assets.<\/span><\/strong><span data-preserver-spaces=\"true\"> Recent on-chain analysis reveals two notable incidents where stolen funds were used to purchase <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/cryptocurrencies\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Ethereum<\/span><\/a><span data-preserver-spaces=\"true\"> (ETH). <\/span><strong><span data-preserver-spaces=\"true\">Lookonchain, <\/span><\/strong><span data-preserver-spaces=\"true\">an on-chain smart money tracker, <\/span><strong><span data-preserver-spaces=\"true\">has identified transactions involving the Nomad Bridge Exploiter. <\/span><\/strong><!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hackers bought <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$ETH<\/a> at the bottom after the market dropped!<\/p>\n<p>The <a href=\"https:\/\/twitter.com\/hashtag\/Nomad?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Nomad<\/a> Bridge Exploiter spent 39.75M <a href=\"https:\/\/twitter.com\/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$DAI<\/a> to buy 16,892 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$ETH<\/a> an hour ago and is depositing <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$ETH<\/a> to <a href=\"https:\/\/t.co\/11PfRBP2j2\" target=\"_blank\">https:\/\/t.co\/11PfRBP2j2<\/a>.<a href=\"https:\/\/t.co\/8pwhTFSnLw\" target=\"_blank\">https:\/\/t.co\/8pwhTFSnLw<\/a><\/p>\n<p>Crypto bridge <a href=\"https:\/\/twitter.com\/hashtag\/Nomad?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Nomad<\/a> was exploited for ~$200M on Aug 2, 2022.\u2026 <a href=\"https:\/\/t.co\/9id6bxBR14\" target=\"_blank\">pic.twitter.com\/9id6bxBR14<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1820332406911672320?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">August 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">These hackers <\/span><span data-preserver-spaces=\"true\">managed to acquire<\/span><span data-preserver-spaces=\"true\"> 16,892 ETH by sending 39.75 million <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/dai-2\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">DAI<\/span><\/a><span data-preserver-spaces=\"true\"> during the latest market dip. <\/span><\/strong><span data-preserver-spaces=\"true\">Despite widespread panic triggered by Bitcoin\u2019s plunge below $50,000, the exploiters strategically deposited their newly acquired ETH into Tornado Cash. <\/span><span data-preserver-spaces=\"true\">Notably,<\/span> <strong><span data-preserver-spaces=\"true\">the accumulation began as ETH\u2019s price plummeted to as low as $2,100.<\/span><\/strong><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">PancakeBunny Hackers Join the Fray<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The PancakeBunny protocol, <\/span><\/strong><span data-preserver-spaces=\"true\">based on Binance Smart Chain (BSC), <\/span><strong><span data-preserver-spaces=\"true\">suffered a massive exploit in May 2021,<\/span><\/strong><span data-preserver-spaces=\"true\"> resulting in the theft of over $200 million worth of crypto.<\/span><strong><span data-preserver-spaces=\"true\"> Now, the same hackers are back in action. <\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">According to PeckShieldAlert<\/span><\/strong><span data-preserver-spaces=\"true\">, <\/span><strong><span data-preserver-spaces=\"true\">they recently swapped 7.8 million DAI for 2,922 ETH during the market downturn.<\/span><\/strong><span data-preserver-spaces=\"true\"> Their previous attack involved manipulating prices on PancakeSwap, allowing them to borrow a substantial amount of BNB and crash the BUNNY token\u2019s value.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-169571\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/08\/BitcoinAndEthereumCrash.jpg\" alt=\"Hackers Use Stolen Funds to Purchase Ether as Prices Plummet Amid Market Crash\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/08\/BitcoinAndEthereumCrash.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/08\/BitcoinAndEthereumCrash-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/08\/BitcoinAndEthereumCrash-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Global Crypto Market Cap Takes a Hit<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">These buying sprees occur against the backdrop of a broader market decline. <\/span><strong><span data-preserver-spaces=\"true\">The global crypto market cap has plummeted by over 14% in the last 24 hours, dipping below $2 trillion<\/span><\/strong><span data-preserver-spaces=\"true\"> for the first time in months. <\/span><span data-preserver-spaces=\"true\">Bitcoin,<\/span><span data-preserver-spaces=\"true\"> the flagship cryptocurrency<\/span><span data-preserver-spaces=\"true\">, <\/span><span data-preserver-spaces=\"true\">lost more than 14%, reaching a low of $49,000.<\/span> <strong><span data-preserver-spaces=\"true\">Ethereum followed suit, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">dropping <\/span><\/a><span data-preserver-spaces=\"true\">over 24% to hit $2,200.<\/span><\/strong><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Nomad Bridge\u2019s Infamous Hack<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The Nomad Bridge, <\/span><\/strong><span data-preserver-spaces=\"true\">a blockchain bridge, <\/span><strong><span data-preserver-spaces=\"true\">fell victim to a hack in August 2022.<\/span><\/strong><span data-preserver-spaces=\"true\"> Exploiting a misconfiguration in the project\u2019s main smart contract, attackers looted nearly $200 million worth of cryptocurrency. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Paradigm researcher Samczsun shed light on the incident, revealing that the flaw allowed anyone to replace a recipient\u2019s address with their own. This enabled unauthorized withdrawals of assets, even those not belonging to the attackers.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">As the crypto market remains volatile, vigilance against such exploits is crucial. Investors and projects <\/span><span data-preserver-spaces=\"true\">alike<\/span><span data-preserver-spaces=\"true\"> must stay informed and take necessary precautions to safeguard their assets from opportunistic hackers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Nomad Bridge Exploiter\u2019s Buying Spree:\u00a0Amid the crypto market downturn, hackers have seized the opportunity to acquire more digital assets. The Nomad Bridge Exploiter managed to acquire 16,892 ETH by sending 39.75 million DAI during the latest market dip. PancakeBunny Hackers Join In:\u00a0The same hackers who exploited the PancakeBunny protocol in May 2021 are back &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Hackers Use Stolen Funds to Purchase Ether as Prices Plummet Amid Market Crash\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/hackers-use-stolen-funds-to-purchase-ether-as-prices-plummet-amid-market-crash\/#more-169570\" aria-label=\"More on Hackers Use Stolen Funds to Purchase Ether as Prices Plummet Amid Market Crash\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":169572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73,74],"tags":[4620,5196,4679,4708],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/169570"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=169570"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/169570\/revisions"}],"predecessor-version":[{"id":169575,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/169570\/revisions\/169575"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/169572"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=169570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=169570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=169570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}