Wormhole Bridge Attacker Converts USD 157 Million ETH into Staking Tokens

After a lengthy time period of “idle”, the cash taken from the Wormhole Bridge assault has moved into the kind of stETH tokens.

According to blockchain information, just about half of the money stolen from the Solana Wormhole Bridge assault that brought about $325 million in harm in February 2022 have been moved.

Specifically, the hacker aggregated the stolen ETH into a wallet, then traded 95,630 ETH ($157 million) in Lido’s stETH staking token through OpenOcean DEX. Subsequently, 86,473 stETH was converted into wstETH tokens, which can be made use of to supply liquidity on DeFi protocols.

Using wstETH as collateral, the Wormhole attacker borrowed roughly $14.five million well worth of DAI stablecoins and made use of it to purchase back seven,989.five ETH on the Kyber Network.

The aforementioned substantial-scale purchases of stETH even somewhat greater the cost of the staking-locked token, in accordance to information from Dune Analytics.

While the purpose for the over actions of the Wormhole hacker is not recognized, some people today have joked that the hacker could also be “catching the trend” of Liquid Staking, which has been talked about a good deal just lately.

So far it is unclear who the attacker on the Wormhole Bridge is, but with the “sensitive” minute of the reactivation, numerous are speculating that it could have ties to North Korean hackers. As Coinlive reported, the FBI has accused North Korean hacker organizations of hacking the Harmony Horizen Bridge final June, stealing $a hundred million. Just final week, a lot more than USD 60 million was transferred to the exchange and across other blockchains to disperse right after a lengthy time period of inactivity.

Wormhole and Harmony are the top rated two blockchain bridge attacks of 2022, along with Ronin Network and BNB Bridge.

Synthetic currency68

Maybe you are interested: