PeckShield, a blockchain security business, says that the people who broke into the Pancake Bunny decentralized finance protocol on Binance Smart Chain in 2021 have been found again. Hackers changed 7.8 million DAI into 2,922 ETH not long ago, which made people in the crypto community worry again.
Protocol tokens worth $46 million were stolen in the Pancake Bunny hack in 2021. It was a terrible flash loan attack. This stuff was then traded for Binance Coin (BNB), Tether (USDT), and DAI. The worth of the unique coin, BUNNY, dropped a lot because of this.
Hackers Move Stolen Funds
The address tied to the Pancake Bunny attackers finally did something useful again last month: it sent 1,002 ETH to the cryptocurrency mixer Tornado Cash. This service is known for making it easier for criminals to hide where their money comes from and where it goes, making it harder for the police to find the money. The attacker’s wallet was said to have held $11.4 million worth of DAI at the time of this exchange.
In the same way, the hackers who broke into the $200 million Nomad cross-chain token bridge have also been busy, according to the analytics company Lookonchain. Someone took advantage of a flaw in the Nomad Bridge’s smart contract that let tokens be captured while they were being sent, which let users move money between multiple blockchains.
The scammer on the Nomad Bridge bought 16,892 ETH with 39.75 million DAI on August 30, 2024. They then sent these funds through Tornado Cash in several transactions of 100 ETH each. Around 2,400 ETH were moved to the private mixer in total. The attacker has moved stolen goods before, like using Tornado Cash to hide over $1.5 million in January 2023 and sending $7.5 million to an unknown address earlier.
As of this story, one of the attacker’s wallets has more than 14,500 ETH in it, which is worth more than $33 million.
In 2024, these changes happen at the same time that the price of Ethereum (ETH) drops the most. This is a good time for rich people to buy. Analysts say that ETH has lost key support levels and that the price will drop even more. Because of this drop, crypto assets worth more than $1 billion were sold in just 24 hours.
These well-known hackers are back and have bought a lot of ETH. This shows that the DeFi space is still weak and that it is hard to find stolen items and get them back.
