Following days of inactivity, the address associated with the גנייווע of $323 million worth of ETH from the cross-chain protocol Wormhole began shuffling assets, Etherscan רעקאָרדס ווייַזן.
News of the activity was first אנגעוויזן by Twitter user @Spreekaway earlier Monday.
The series of swaps began as the exploiter address consolidated ETH prior to initiating a ויסבייַטן for 95,630 ether ($157.2 million) into staked ether (stETH) via the DEX aggregator OpenOcean.
After that the stETH was swapped for 86,473 wrapped staked ETH (wstETH), Lido’s form of liquid staked ether, which is compatible with DeFi trading platforms.
With the wstETH as collateral, the hacker took out a $13 million DAI אַנטלייַען that was used to buy roughly 7,989.5 ETH via KyberNetwork, according to blockchain דאַטע. The hacker repeated the process to continue leveraging up.
“Either this guy is just having fun on-chain with exploited assets or has some long position on stETH when he decided to make the trade,” said Steven Zheng, The Block’s director of research.
The magnitude of the trade was felt in markets, causing stETH to repeg, according to דון אַנאַליטיקס.
Wormhole responded to the exploiter reiterating its offer to capitulate with a $10 million bounty award “for the return of all stolen funds” in an אויף-קייט אָנזאָג.
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Source: https://www.theblock.co/post/204855/wormhole-exploiter-converts-150-million-in-eth-to-staked-assets-and-levers-up?utm_source=rss&utm_medium=rss