The Wormhole Heist: A Brief Recap
Back in February 2022, crypto enthusiasts were left shaking their heads and clutching their wallets as the Wormhole protocol succumbed to a nefarious exploiter. With a hefty sum of around $321 million of Wrapped Ethereum (wETH) vanishing into the digital ether, this became the third-largest crypto hack of the year. Who would have thought that bridges could be more dangerous than they appear?
Wallet Moves and Tricky Strategies
Fast forward to today, and our beloved thief is back in action. According to blockchain security experts at PeckShield, the hacker’s wallet has lit up like a Christmas tree that just can’t quit. An astonishing $46 million worth of crypto assets recently shimmied out of the wallet, demonstrating that crime does, indeed, pay—at least for some.
What’s in the Bag?
This latest maneuver saw the movement of approximately 24,400 Lido Finance-wrapped Ethereum staking tokens (wstETH) valued at about $41.4 million, coupled with 3,000 Rocket Pool Ethereum staking tokens (rETH) worth around $5 million. Because why not go big or go home, right?
Yield-Seeking Activities
It seems our friendly neighborhood hacker is feeling a tad adventurous, looking for yield or perhaps some thrilling arbitrage opportunities on their pilfered fortune. After passing those tokens over to MakerDAO, they snagged 16.6 million DAI—think of it as crypto’s version of a shopping spree.
What Next? Buying the Dip
Like a savvy investor—and maybe a tad optimistic—the thief decided to buy the dip when the price of Ether (ETH) tumbled. After all, who doesn’t enjoy a good bargain? They purchased 9,750 ETH at around $1,537 each and wrapped it all back into approximately 9,700 wstETH. If you’re wondering: yes, they are indeed making the most out of past decisions.
The Market Reaction: Up and Down
However, the crypto market is like a toddler on a sugar high—unpredictable. Upon transferring the funds, the situation turned sour; the price of ETH saw a drop of 2.6%. As of now, you’d find ETH trading at around $1,505, with wstETH and stETH experiencing their fair share of ups and downs. It’s a wild dance party in the blockchain world.
The Bigger Picture
This latest move isn’t an isolated incident, but rather part of a pattern; just a couple of weeks ago, the same hacker made waves by moving $155 million in Ethereum to a decentralized exchange. Imagine the sights you could see if you were peeking over that hacker’s shoulder! We’re all left wondering what their next steps will be. Will they reappear again, plundering through the digital bazaar, or will they lay low for a while? Only time will tell.
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