Home News $321 Million Wormhole Hack: Funds Being Moved

James Carter

29 Jan 2023

$321 Million Wormhole Hack: Funds Being Moved

Several on-chain analysts say that a hacker who stole 120,000 ETH tokens from the Wormhole cross-chain bridge, which was worth more than $321 million at the time, has begun moving money. The hacker sent $155 million worth of Ether tokens to a decentralized exchange called 1Inch on January 23. (DEX).

Since then, the unknown person who took advantage of them has started trading their ETH tokens for other cryptocurrencies. @lookonchain says that the hacker traded 95,630 ETH, worth $155 million, for 86,473 wstETH, which is a wrapped version of Lido’s stETH token for Ethereum’s liquid staking protocol.

The hacker then used this wstETH to borrow $14.5 million in DAI, a stablecoin that is tied to the dollar. Then, they used these tokens to buy another 8,913 stETH. Then, $1.5 more in DAI was borrowed with this money.

On-chain tracker @spreekaway said that the exploiter kept doing strange things, like sending 0.1 ETH to a new address.

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