The hacker behind the $321 million Wormhole Bridge attack moved much of the stolen funds, with transaction data showing $155 million worth of Ether (ETH) was transferred to a decentralized exchange (DEX) on January 23.
It was a Wormhole hack the third biggest crypto hack in 2022over the protocol token bridge suffered abuse On February 2, 2022, this resulted in the loss of 120,000 Wrapped ETH (wETH), worth $321 million.
According to the transaction History from the alleged hacker’s wallet address, the latest activity shows that 95,630 ETH was sent to the OpenOcean DEX and subsequently transferred to ETH-linked assets such as ETH staked by Lido Finance (stETH) and Wrapped Stake (wstETH).
We see address 0x629e… Wormhole Network Exploiter Exchanged 95,630 Ether (~$155M) for stETH
Stay safe! pic.twitter.com/ZR6zxlRuKX
— CertiK Alert (@CertiKAlert) January 23, 2023
Further examining the transaction history, members of the crypto community such as @spreekaway also pointed out that the hacker continued to make a lot of strange-looking transactions.
For example, the hacker used their stETH holdings as collateral borrow 13M worth of DAI stablecoin before exchanging it for more stETH, repacking it in stETH and then borrowing more DAI.
The Wormhole exploiter converted his ETH to wstETH and appears to borrow DAI against it. pic.twitter.com/9rhERSMG5u
— Spreek (@spreekaway) January 23, 2023
Notably, the Wormhole team took the opportunity to once again offer the hacker a $10 million reward if he returns all funds, after leaving an embedded message conveying this in a transaction via Wormhole: Deployer.
The hacker’s massive ETH transaction appears to have had a direct impact on the price of stETH according to data from Dune Analytics. The price of the asset fell from slightly below 0.9962 ETH on January 23 to as low as 1.0002 ETH the following day, before falling back to 0.9981 at the time of writing.
As the Wormhole hack is likely to gain more attention in light of the latest incident, blockchain security firms such as Ancilia, Inc. warned on January 19 that searches for the keywords “Wormhole Bridge” on Google are currently showing promoted advertising sites , which are actually phishing. operation.
The community has been warned to be careful what they click on in relation to this term.
#phishing alert When you search for “wormhole bridge” on Google, many of the “ad” entries are actually phishing sites. E.g
hxxps://portaltoken-wormholebridge.com. Be careful what you click and stay safe! pic.twitter.com/C6JW2xeaUh
— Ancilia, Inc. (@AnciliaInc) January 19, 2023