Wormhole hacker moves another $46M of stolen funds

The ill-gotten crypto from 1 of the industry’s largest exploits is connected the determination again, with on-chain information showing different $46 cardinal of stolen funds has conscionable shifted from the hacker’s wallet.

The Wormhole onslaught was the third largest crypto hack successful 2022 resulting from an exploit of Wormhole’s token span in February 2022. Around $321 cardinal of Wrapped ETH (wETH) was stolen.

According to blockchain information steadfast PeckShield, the hacker’s associated wallet has go progressive erstwhile again, moving d $46 cardinal worthy of crypto assets.

This was made up of astir 24,400 of Lido Finance-wrapped Ethereum staking token (wstETH), worthy astir $41.4 cardinal and 3,000 Rocket Pool Ethereum staking token (rETH), worthy astir $5 million, which was moved to MakerDAO.

The hacker appears to beryllium seeking output oregon arbitrage opportunities connected their stolen loot arsenic the assets were exchanged for 16.6 cardinal DAI, PeckShield reported.

The MakerDAO stablecoin was past utilized to bargain 9,750 ETH priced astatine astir $1,537 and 1,000 stETH. These were past wrapped backmost into 9,700 wstETH.

#PeckShieldAlert The Wormhole Network Exploiter 0x629e supplied $46M worthy of cryptos, including 24.4k $wstETH ($41.4M) & 3k $rETH (~$5M), to MakerDAO for 16.6M $DAI & utilized them to bargain 9.75k $ETH ($ETH astatine $1,537) & 1k $stETH ($ETH astatine $1,543), past wrapped them for ~9.7k $wstETH pic.twitter.com/BRfygHgpit

— PeckShieldAlert (@PeckShieldAlert) February 12, 2023

On Feb. 10, an on-chain sleuth observed that the hacker was “buying the dip.”

However, the terms of Ethereum has since fallen beneath those levels implicit the past fewer hours. At the clip of writing, ETH was trading down 2.6% connected the time astatine $1,505 according to CoinGecko.

At the clip of the transfers, stETH prices depegged from Ethereum and climbed arsenic precocious arsenic $1,570. They’re presently trading 2.4% higher than ETH astatine $1,541. Furthermore, wstETH besides has depegged and roseate to $1,676, 11.3% higher than the underlying asset.

Related: Crypto exploit losses successful January spot astir 93% year-on-year decline

The latest funds question comes lone a fewer weeks aft the hacker moved different $155 million worthy of Ethereum to a decentralized speech connected Jan. 24.

95,630 ETH was sent to the OpenOcean DEX and past subsequently converted into ETH-pegged assets including Lido’s stETH and wstETH.