Poorly obtained cryptocurrency from one of the industry’s leading hacks is on the move again, with on-chain data suggesting another $46 million of stolen assets have been migrated from the hacker’s wallet. This heist was one of the largest in the history of the industry.
The Wormhole heist, which occurred in February 2022 and resulted from a vulnerability in the Wormhole token bridge, was the third largest crypto breach to take place in 2022. Wrapped Ethereum (wETH) valued at around $321 was taken millions.
PeckShield, a company that specializes in blockchain security, reports that the hacker’s connected wallet is back up and moving $46 million in cryptocurrency assets.
This was made up of around 24,400 wrapped Ethereum staking tokens by Lido Finance (wstETH), which are worth around $41.4 million, and 3,000 wrapped Ethereum staking tokens by Rocket Pool (rETH), which had a value of around $5 million and were relocated to MakerDAO.
According to PeckShield, the hacker appears to be looking for yield or arbitrage opportunities on his stolen wealth, as the assets were exchanged for 16.6 million DAI.
After that, the MakerDAO stablecoin was used to buy 9,750 ETH at a price of around $1,537 and 1,000 stETH. After that, a total of 9,700 wstETH was wrapped again.
On February 10, a detective working on the blockchain saw that the hacker was “buying the dip.”
However, over the past few hours, the price of Ether (ETH) has fallen below those levels. According to CoinGecko, ETH was trading at $1,505 at the time of writing, representing a 2.6% loss for the day.
When the transactions were taking place, the price of stETH had decoupled from that of Ethereum and had peaked at $1,570. At the time of writing, they were trading at $1,541, 2.4% higher than ETH. Additionally, the wstETH price has been de-pegged and has risen to $1,676, 11.3% higher than the value of the underlying asset.
The most recent cash transfer comes just a few weeks after the hacker transferred an additional $155 million worth of Ethereum to a decentralized exchange.
On January 24, 95,630 ETH was transferred to the OpenOcean DEX, where they were later converted into ETH-pegged assets. These ETH-pegged assets included Lido’s stETH and wstETH.