The Nomad Bridge Exploiter Capitalizes on Low ethereum Price
Nomad Bridge Exploiter is taking advantage of the recent drop in ethereum's price by making a substantial purchase of the cryptocurrency during the sell-off and then depositing it to Tornado Cash.
According to data shared by Lookonchain on X, the exploiter spent 39.75 million DAI to acquire 16,892 ETH. This purchase was made at a time when the market experienced a significant dip, allowing the hacker to buy ethereum at a discounted price.
Twitter was abuzz with news of the exploit, with users sharing information about the exploit and the amount of DAI spent to acquire ETH. The exploit took place shortly after the Nomad Bridge was exploited for approximately $200 million in August 2022.
ethereum and bitcoin Prices in Decline
On Monday, ethereum, the second-largest cryptocurrency, saw a 19% decline in its price, trading at around $2,356 in the last 24 hours. bitcoin also experienced a drop, trading 10% lower at $54,207 at 3:50 UTC. The recent sell-off has presented an opportunity for investors to enter the market at lower prices.
This downward trend in prices has led some investors to reevaluate their positions and make strategic moves to take advantage of the market conditions. Companies like Jump crypto have been seen liquidating large amounts of ethereum to centralized exchanges, indicating a shift in their crypto portfolio management strategies.
Recalling the Nomad Bridge Exploit of 2022
The Nomad Bridge exploit of August 2022 was a significant event that shook the cryptocurrency world. The exploit targeted the Nomad Bridge, a cross-chain protocol used for transferring assets between different blockchains. The exploit resulted in the unauthorized withdrawal of over $190 million worth of cryptocurrencies.
This incident shed light on the security vulnerabilities present in decentralized finance (DeFi) protocols and underscored the importance of implementing robust security measures to protect users' funds.
Following the exploit, the Nomad protocol team announced upgrades to the protocol to address the vulnerabilities that led to the hack. Users were also provided with options to bridge back madAssets and access a pro-rata share of the recovered funds.
As the crypto market continues to evolve, incidents like the Nomad Bridge exploit serve as a reminder of the importance of staying vigilant and implementing robust security measures to protect against potential threats.
