Wormhole Hacker Transfers $155M Worth of ETH From Loot

About 50% of the funds siphoned from the cross-chain crypto bridge Wormhole has been moved by the hacker responsible for the attack which happened almost a year ago.

Precisely, $155 million worth of Ether (ETH) was transferred to a Decentralized Exchange (DEX) on Monday. Thereafter, the hacker cycled the funds around several Decentralised Finance (DeFi) protocols.

A look at the activities going on in the hacker’s suspected wallet address shows that 95,630 ETH was transferred to the OpenOcean DEX. Shortly after, they were converted to ETH-backed assets including Lido Finance’s staked ETH (stETH) and wrapped staked (wstETH). The blockchain data indicate that the hacker used the wstETH as collateral for a $13 million loan in the DAI stablecoin.

The loan was used for the purchase of more wrapped staked Ether and the trade cycle was repeated a couple of times. Markedly, the Wormhole team has seized this opportunity to offer the hacker a bounty as high as $10 million if the whole assets were returned just as they did last year.  

Wormhole Hacker’s Transfer Draws Attention 

At the time when the attack was perpetrated, about 120,000 Ether worth $321 million was hijacked from the Wormhole bridge.

By the end of 2022, it was named the third-largest hack of the year and the second-largest DeFi attack following the Axie Infinity Ronin bridge attack. The Ronin Bridge attackers made way with over $600 million after attacking the protocol. 

A wormhole is a token bridge between Ethereum, Solana, Binance Smart Chain (BSC), Polygon, Avalanche, Oasis, and even Terra. However, the hack affected only the Solana part of the bridge. 

Before this large fund transfer, the hacker’s alleged wallet address was spotted participating in the purchase of SportX (SX), Meta Capital (MCAP), Finally Usable Crypto Karma (FUCK) and Yuga Labs collection Bored Ape Yacht Club (BAYC) token. 

With the latest developments, netizens would likely want to find out more about the ‘Wormhole bridge’ and other related topics. However, blockchain security company Ancilia has urged that utmost caution be taken when searching related keywords as Google is currently showing promoted ad websites that end up as phishing sites.