Nomad is taking advantage of the low price of Ethereum by buying a significant amount of the cryptocurrency during the sale and then depositing it into Tornado Cash.
Data shared by Lookonchain on the X community platform shows that the exploiter spent 39.75 million DAI to acquire 16 , 892 ETH. This purchase took place during a market decline, which allowed him to buy Ethereum at a significantly low price.
On Monday, Ethereum, the second-largest cryptocurrency, fell 19% to $2356 in the past 24 hours. Bitcoin fell 10% to $54207 at 3:50 UTC. Some see the sell-off as an opportunity to buy cryptocurrencies at a discounted price.
Today, Jump Crypto, a cryptocurrency trading company, also liquidated huge amounts of Ethereum on centralized exchanges (CEX) such as Binance, OKX, Bybit, Coinbase and Gateio.
This trading move underscores a change in the company’s management of Ethereum assets, likely indicating a repositioning of its cryptocurrency portfolio or anticipation of market changes. Moving large volumes of cryptocurrencies causes extreme price fluctuations.
Nomad Bridge operation in 2022.
The Nomad Bridge exploit was a huge event in the cryptocurrency world in August 2022. The security breach involved Nomad Bridge, an inter-chain protocol that facilitates the transfer of assets between different blockchains. Vulnerabilities in the bridge’s code were exploited, leading to the unauthorized withdrawal of more than $190 million worth of cryptocurrencies.
The incident highlighted the potential security risks associated with decentralized finance (DeFi) protocols, underscoring the need for robust security measures.
Last year, the Nomad protocol team announced that the project had updated the Nomad protocol to fix the security vulnerability that caused the hacking attack, and allow users to return to madAssets and access a proportionate share of the recovered funds.
