{"id":20330,"date":"2023-02-12T21:00:08","date_gmt":"2023-02-13T05:00:08","guid":{"rendered":"https:\/\/coinnetworknews.com\/wormhole-hacker-moves-another-46m-of-stolen-funds\/"},"modified":"2023-02-12T21:00:08","modified_gmt":"2023-02-13T05:00:08","slug":"wormhole-hacker-moves-another-46m-of-stolen-funds","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/wormhole-hacker-moves-another-46m-of-stolen-funds\/","title":{"rendered":"Wormhole hacker moves another $46M of stolen funds"},"content":{"rendered":"

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The ill-gotten crypto from one of the industry\u2019s largest exploits is on the move again, with on-chain data showing another $46 million of stolen funds has just shifted from the hacker\u2019s wallet.<\/p>\n

The Wormhole attack was the third largest crypto hack<\/a> in 2022 resulting from an exploit of Wormhole\u2019s token bridge in February<\/a>\u00a02022. Around $321 million of Wrapped ETH (wETH) was stolen. <\/p>\n

According to blockchain security firm PeckShield, the hacker\u2019s associated wallet has become active once again, moving d $46 million worth of crypto assets. <\/p>\n

This was made up of around 24,400 of Lido Finance-wrapped Ethereum staking token (wstETH), worth approximately $41.4 million and 3,000 Rocket Pool Ethereum staking token (rETH), worth about $5 million, which was moved to MakerDAO.<\/p>\n

The hacker appears to be seeking yield or arbitrage opportunities on their stolen loot as the assets were exchanged for 16.6 million DAI, PeckShield reported.<\/p>\n

The MakerDAO stablecoin was then used to buy 9,750 ETH priced at around $1,537 and 1,000 stETH. These were then wrapped back into 9,700 wstETH.<\/p>\n

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#PeckShieldAlert<\/a> The Wormhole Network Exploiter 0x629e supplied $46M worth of cryptos, including 24.4k $wstETH<\/a> ($41.4M) & 3k $rETH<\/a> (~$5M), to MakerDAO for 16.6M $DAI<\/a> & used them to buy 9.75k $ETH<\/a> ($ETH at $1,537) & 1k $stETH<\/a> ($ETH at $1,543), then wrapped them for ~9.7k $wstETH<\/a> pic.twitter.com\/BRfygHgpit<\/a><\/p>\n

\u2014 PeckShieldAlert (@PeckShieldAlert) February 12, 2023<\/a><\/p><\/blockquote>\n

On Feb. 10, an on-chain sleuth observed<\/a> that the hacker was \u201cbuying the dip.\u201d <\/p>\n

However, the price of Ethereum has since fallen below those levels over the past few hours. At the time of writing, ETH<\/a> was trading down 2.6% on the day at $1,505 according to CoinGecko.<\/p>\n

At the time of the transfers, stETH prices depegged from Ethereum and climbed as high as $1,570. They\u2019re currently trading 2.4% higher than ETH at $1,541. Furthermore, wstETH also has depegged and rose to $1,676, 11.3% higher than the underlying asset. <\/p>\n

Related:<\/em><\/strong> <\/em><\/strong>Crypto exploit losses in January see nearly 93% year-on-year decline<\/em><\/strong><\/a><\/p>\n

The latest funds movement comes only a few weeks after the hacker moved another $155 million<\/a> worth of Ethereum to a decentralized exchange on Jan. 24. <\/p>\n

95,630 ETH was sent to the OpenOcean DEX and then subsequently converted into ETH-pegged assets including Lido\u2019s stETH and wstETH.<\/p>\n