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<a href="https://bitcoinworld.co.in/hackers-use-stolen-funds-to-purchase-ether-as-prices-plummet-amid-market-crash/" title="Hackers Use Stolen Funds To Purchase Ether As Prices Plummet Amid Market Crash" rel="noopener noreferrer nofollow"></a>
Amid a crypto market downturn, hackers are capitalizing on the chaos by acquiring more Ether (ETH) using stolen funds.
<ul>
 <li style="font-weight: 400">Amid 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.</li>
 <li style="font-weight: 400">The same 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.</li>
 <li style="font-weight: 400">The broader market decline has led to a 14% drop in the global crypto market cap within 24 hours, dipping below $2 trillion.</li>
</ul>
Amid a crypto market downturn, hackers are capitalizing on the chaos by acquiring more digital assets. Recent on-chain analysis reveals two notable incidents where stolen funds were used to purchase Ethereum (ETH).&nbsp;
<a href="https://twitter.com/lookonchain/status/1820332406911672320" rel="noopener noreferrer nofollow">Lookonchain</a>, an on-chain smart money tracker, has identified transactions involving the Nomad Bridge Exploiter.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Hackers bought <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> at the bottom after the market dropped!
 The <a href="https://twitter.com/hashtag/Nomad?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Nomad</a> Bridge Exploiter spent 39.75M <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DAI</a> to buy 16,892 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> an hour ago and is depositing <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> to <a href="https://t.co/11PfRBP2j2" rel="noopener noreferrer nofollow">https://t.co/11PfRBP2j2</a>.<a href="https://t.co/8pwhTFSnLw" rel="noopener noreferrer nofollow">https://t.co/8pwhTFSnLw</a>
 Crypto bridge <a href="https://twitter.com/hashtag/Nomad?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Nomad</a> was exploited for ~$200M on Aug 2, 2022.… <a href="https://t.co/9id6bxBR14" rel="noopener noreferrer nofollow">pic.twitter.com/9id6bxBR14</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1820332406911672320?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 5, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
These hackers managed to acquire 16,892 ETH by sending 39.75 million DAI during the latest market dip.&nbsp;
Despite widespread panic triggered by Bitcoin’s plunge below $50,000, the exploiters strategically deposited their newly acquired ETH into Tornado Cash. Notably, the accumulation began as ETH’s price plummeted to as low as $2,100.
<h3 id="span-style-font-weight-400-pancakebunny-hackers-join-the-fray-span">PancakeBunny Hackers Join The Fray</h3>
The PancakeBunny protocol, based on Binance Smart Chain (BSC), suffered a massive exploit in May 2021, resulting in the theft of over $200 million worth of crypto. Now, the same hackers are back in action.
According to PeckShieldAlert, they recently swapped 7.8 million DAI for 2,922 <a href="https://bitcoinworld.co.in/ether-price-drops-20-as-trading-firm-moves-46m-in-eth/" rel="noopener noreferrer nofollow">ETH</a> during the market downturn. Their previous attack involved manipulating prices on PancakeSwap, allowing them to borrow a substantial amount of BNB and crash the BUNNY token’s value.
<h3 id="span-style-font-weight-400-global-crypto-market-cap-takes-a-hit-span">Global Crypto Market Cap Takes A Hit</h3>
These buying sprees occur against the backdrop of a broader market decline. The global crypto market cap has plummeted by over 14% in the last 24 hours, dipping below $2 trillion for the first time in months.&nbsp;
Bitcoin, the flagship cryptocurrency, lost more than 14%, reaching a low of $49,000. Ethereum followed suit, dropping over 24% to hit $2,200.
<h3 id="span-style-font-weight-400-nomad-bridge-s-infamous-hack-span">Nomad Bridge’s Infamous Hack</h3>
The Nomad Bridge, a blockchain bridge, fell victim to a hack in August 2022. Exploiting a misconfiguration in the project’s main smart contract, attackers looted nearly $200 million worth of cryptocurrency.
Paradigm researcher Samczsun shed light on the incident, revealing that the flaw allowed anyone to replace a recipient’s address with their own. This enabled unauthorized withdrawals of assets, even those not belonging to the attackers.
As the crypto market remains volatile, vigilance against such exploits is crucial. Investors and projects alike must stay informed and take necessary precautions to safeguard their assets from opportunistic hackers.

Hackers Use Stolen Funds To Purchase Ether As Prices Plummet Amid Market Crash

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