Wormhole Network Exploiter Is DeFi Degen, Swapping Over $157M Of ETH For stETH And Levering Up

Key Points:

  • The wallet that last year stole 80,000 ETH from the Wormhole Portal Token Bridge reactivated on Monday after 355 days of inactivity, trading on leverage like a genuine crypto tweet “degen” and moving a significant amount of money around the DeFi ecosystem.
  • Nomad bridge in August 2022 to free its cash from hostile actors, Darkfi.eth (unrelated to DarkFi, the layer 1 blockchain with the Lunarpunk mindset), stated, “It’s plausible that they are using this to launder the money in some way.
  • Lido shenanigans by Expoliter had a significant impact on the market for the well-liked liquid staking derivative. Its 24-hour trading volume has increased by almost 3000%.
The wallet that last year stole 80,000 ETH from the Wormhole Portal Token Bridge reactivated on Monday after 355 days of inactivity, trading on leverage like a genuine crypto tweet “degen” and moving a significant amount of money around the DeFi ecosystem.
Wormhole Network Exploiter Is DeFi Degen Swapping Over 157M Of ETH For stETH And Levering Up

The exploiter swapped 95,360 ETH worth around $157 million on the DeFi Aggregator OpenOcean, according to data obtained from Etherscan, and subsequently transferred smaller sums of money using a number of decentralized finance (DeFi) protocols, including Kyber Network and 1Inch.

In order to connect with more smart contracts on Lido, the leading Ethereum provider for liquid staking derivatives, the exploiter leveraged up by borrowing DAI. Currently, the exploiter’s address, which starts with 0x629, holds the third-largest stake in wrapped stETH.

One of the hackers who used the Nomad bridge in August 2022 to free its cash from hostile actors, Darkfi.eth (unrelated to DarkFi, the layer 1 blockchain with the Lunarpunk mindset), stated, “It’s plausible that they are using this to launder the money in some way. It’s difficult to say for sure, however they could have used this action to their advantage by taking money from other wallets… However, it might also just be degens; at this point, everything is just conjecture.

The large Lido shenanigans by Expoliter had a significant impact on the market for the well-liked liquid staking derivative. Its 24-hour trading volume has increased by almost 3000%. According to Dune Analytics, throughout the day’s pandemonium, the price of stETH rose in relation to ETH, briefly crossing the 1:1 peg, before leveling off at 0.9985.

The exploiter’s quick activities encouraged its victims to react. In one transaction, a Wormhole address sent an on-chain message to the exploiter requesting the return of the stolen money in exchange for a $10 million reward.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

Wormhole Network Exploiter Is DeFi Degen, Swapping Over $157M Of ETH For stETH And Levering Up

Key Points:

  • The wallet that last year stole 80,000 ETH from the Wormhole Portal Token Bridge reactivated on Monday after 355 days of inactivity, trading on leverage like a genuine crypto tweet “degen” and moving a significant amount of money around the DeFi ecosystem.
  • Nomad bridge in August 2022 to free its cash from hostile actors, Darkfi.eth (unrelated to DarkFi, the layer 1 blockchain with the Lunarpunk mindset), stated, “It’s plausible that they are using this to launder the money in some way.
  • Lido shenanigans by Expoliter had a significant impact on the market for the well-liked liquid staking derivative. Its 24-hour trading volume has increased by almost 3000%.
The wallet that last year stole 80,000 ETH from the Wormhole Portal Token Bridge reactivated on Monday after 355 days of inactivity, trading on leverage like a genuine crypto tweet “degen” and moving a significant amount of money around the DeFi ecosystem.
Wormhole Network Exploiter Is DeFi Degen Swapping Over 157M Of ETH For stETH And Levering Up

The exploiter swapped 95,360 ETH worth around $157 million on the DeFi Aggregator OpenOcean, according to data obtained from Etherscan, and subsequently transferred smaller sums of money using a number of decentralized finance (DeFi) protocols, including Kyber Network and 1Inch.

In order to connect with more smart contracts on Lido, the leading Ethereum provider for liquid staking derivatives, the exploiter leveraged up by borrowing DAI. Currently, the exploiter’s address, which starts with 0x629, holds the third-largest stake in wrapped stETH.

One of the hackers who used the Nomad bridge in August 2022 to free its cash from hostile actors, Darkfi.eth (unrelated to DarkFi, the layer 1 blockchain with the Lunarpunk mindset), stated, “It’s plausible that they are using this to launder the money in some way. It’s difficult to say for sure, however they could have used this action to their advantage by taking money from other wallets… However, it might also just be degens; at this point, everything is just conjecture.

The large Lido shenanigans by Expoliter had a significant impact on the market for the well-liked liquid staking derivative. Its 24-hour trading volume has increased by almost 3000%. According to Dune Analytics, throughout the day’s pandemonium, the price of stETH rose in relation to ETH, briefly crossing the 1:1 peg, before leveling off at 0.9985.

The exploiter’s quick activities encouraged its victims to react. In one transaction, a Wormhole address sent an on-chain message to the exploiter requesting the return of the stolen money in exchange for a $10 million reward.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

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