Wormhole attacker moves $150m of stolen funds


Funds tied to last February’s Wormhole attack appear to be on the move, according to various reports that emerged on Monday, Jan. 23.

An Ethereum address tied to the attack (0x629e7…) has moved more than $150 million of crypto.

Funds on the move

The attacker traded $157.2 million of Ethereum (ETH) for staked ETH (stETH), which they swapped for Lido’s wrapped staked ETH (wstETH) token. Next, the attacker used wstETH as collateral for a $13 million DAI loan before buying an equivalent amount of ETH.

The fact that the attacker ended the series of trades with ETH⁠ — the same asset they began with — suggests an attempt at money laundering. Swapping holdings this way could make transaction trails harder to analyze, much like using a coin mixer.

ETH user Spreek noted that an attack on Binance Smart Chain in October 2022 also saw an attacker purchase liquid staking derivatives (LSDs) with stolen cryptocurrency at a later date.

Though Spreek speculated that this could indicate a connection between the two attacks, others suggested that one attacker may have imitated the other’s strategy to obscure their activity.

Journalist at CryptoSlate

Mike trained in library and information sciences before moving into crypto writing in 2018. He lives on the West Coast of Canada.

Connect your wallet, trade with Orion Swap Widget.

Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.



Source

Recommended For You

About the Author: wp4crypto

Leave a Reply

Your email address will not be published.