Hacker Linked to PancakeBunny and Nomad Attacks Moves $7M

A blockchain wallet associated with a known crypto hacker has moved 9.75 million $DAI and 17.75 $ETH to an intermediary address.

According to on-chain data, the hacker quickly converted the DAI to 16,890 ETH, then sent 2,400 ETH (approximately $7 million) to Tornado Cash, a cryptocurrency mixer.

Blockchain forensics firm PeckShield Alert flagged the hacker’s actions in a social media post published today, Monday, August 5. They noted that the wallet was connected to the notorious PancakeBunny exploit in May 2021 and the 2022 Nomad bridge attack.

#PeckShieldAlert #NomadBridge Exploiter-labeled address has transferred 39.75M $DAI & 17.75 $ETH to an intermediary address 0x663a…f448
The $DAI was swapped for 16.89K $ETH, & 2.4K $ETH (worth ~ $7M) was transferred to #Tornadocash. pic.twitter.com/cPFOpE9tSF
— PeckShieldAlert (@PeckShieldAlert) August 5, 2024

The PancakeBunny exploit resulted in a $45 million loss, while the Nomad bridge attack saw nearly $200 million stolen. Notably, the Nomad exploit involved multiple attackers, but this particular hacker was one of the most successful, securing a large portion of the stolen funds. The recent transactions suggest that the hacker is leveraging these ill-gotten gains to make strategic trades in the volatile crypto market.

This activity occurred as Ether experienced its steepest decline since 2021, dropping to $2,116. Bitcoin also fell by 17%, briefly trading below $50,000.

According to data from CoinMartketCap, Bitcoin is currently trading at $50,290.73, reflecting a 17.43% increase in the last twenty-four hours. Meanwhile, Ethereum is trading at $2,242.34, showing a 23.11% increase over the same period.

Market analysts attribute the selloff to multiple factors, including the unwinding of the yen carry trade due to rising Japanese interest rates, government sales of seized tokens, distributions from bankrupt crypto firms, and significant outflows from US spot Bitcoin ETFs.

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