Stolen Crypto from Wormhole Attack on the Move Again
The stolen crypto funds from the Wormhole attack, the third-largest crypto hack of 2022, have been on the move again.
#PeckShieldAlert The Wormhole Network Exploiter 0x629e supplied $46M worth of cryptos, including 24.4k $wstETH ($41.4M) & 3k $rETH (~$5M), to MakerDAO for 16.6M $DAI & used them to buy 9.75k $ETH ($ETH at $1,537) & 1k $stETH ($ETH at $1,543), then wrapped them for ~9.7k $wstETH pic.twitter.com/BRfygHgpit
— PeckShieldAlert (@PeckShieldAlert) February 12, 2023
This amount consisted of 24,400 Lido Finance-wrapped Ethereum staking tokens (wstETH) worth approximately $41.4 million and 3,000 Rocket Pool Ethereum staking tokens (rETH) worth about $5 million, which were moved to MakerDAO.
The hacker appears to be seeking yield or arbitrage opportunities as they exchanged the assets for 16.6 million DAI, which was then used to purchase ETH and stETH.
The prices of stETH and wstETH have deviated from Ethereum and increased, with wstETH reaching as high as $1,676, 11.3% higher than the underlying asset.
On Feb. 10, an on-chain observer noticed the hacker “buying the dip.” This latest movement comes just a few weeks after the hacker transferred $155 million worth of Ethereum to a decentralized exchange.