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$321 Million Wormhole Hacker is Moving Funds, On-chain Data Shows

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A hacker who stole 120,000 ETH tokens, worth above $321 million at the time, from the Wormhole cross-chain bridge has started moving funds, according to various on-chain analysts.

On the 23rd of January, the hacker moved $155 million worth of Ether tokens to 1Inch, a decentralized exchange (DEX).The anonymous exploiter has since started swapping their ETH tokens for other cryptocurrencies.

According to @lookonchain, the hacker swapped 95,630 ETH (worth $155 million) for 86,473 wstETH – a wrapped version of Ethereum liquid staking protocol Lido’s stETH token.The hacker then used this wstETH to borrow $14.5 million worth of DAI, a dollar-pegged stablecoin.

They then bought a further 8,913 stETH with these tokens. This was then used to borrow a further $1.5 worth of DAI.The exploiter’s odd behavior continued, according to on-chain tracker @spreekaway, with the exploiter funding a new address with 0.1 ETH.Spreek speculated that the exploiter could be connected to the BNB bridge hacker, given similar behavioral patterns.The Wormhole bridge team once again left their exploiter a message offering a $10 million bounty for a total return of the stolen funds, giving them an email to get in contact anonymously.The Wormhole bridge hack, though enormous in size, was only the third largest in 2022.

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