The crypto community has been put on alert once again as one of the industry’s largest hacks is back in action.
The hacker behind the infamous Wormhole attack of 2022, which resulted in the theft of approximately $321 million of Wrapped ETH (wETH), has shifted another $46 million of the stolen funds from their wallet.
This news comes from blockchain security firm PeckShield, which has been tracking the associated wallet of the hacker.
In February 2022, the Wormhole exploit shook the crypto world as the token bridge was compromised, leading to the third-largest crypto hack in the year. However, the hacker’s recent activity shows that they are still in control of a significant portion of the stolen funds.
According to PeckShield, the recent fund movement included the transfer of approximately 24,400 Lido Finance-wrapped Ethereum staking tokens (wstETH), worth around $41.4 million, and 3,000 Rocket Pool Ethereum staking tokens (rETH), valued at about $5 million, to MakerDAO.
The hacker appears to be seeking yield or arbitrage opportunities, as the assets were exchanged for 16.6 million DAI, the MakerDAO stablecoin.
The MakerDAO stablecoin was then used to buy 9,750 ETH priced at around $1,537 and 1,000 stETH. These were then wrapped back into 9,700 wstETH, a clear indication that the hacker is seeking to maximize their returns on the stolen funds.
On Feb. 10, an on-chain sleuth noticed that the hacker was “buying the dip,” as the price of Ether fell below the levels seen previously. However, the price of ETH has continued to fall in recent hours, down 2.6% at the time of writing to $1,505, according to CoinGecko.
The latest funds movement has also had an impact on the price of stETH, which depegged from Ethereum and rose as high as $1,570.