Ethereum (ETH) has experienced a dramatic plunge in the past 24 hours, losing over 22% of its value. While many investors are reeling from the sudden downturn, a surprising group of actors has emerged as buyers in this volatile market: hackers.
The notorious perpetrators of the 2022 Nomad Bridge exploit have seized the opportunity to scoop up nearly 17,000 ETH at a discounted price. These cybercriminals, who made off with over $190 million in various cryptocurrencies, have converted a staggering $39.75 million worth of DAI into ETH. The purchased Ethereum is now being laundered through the infamous crypto mixer Tornado Cash.
This unexpected development highlights the complex and often shadowy world of cryptocurrency, where even those with ill-gotten gains can capitalize on market fluctuations. As the crypto market continues to experience turbulence, it remains to be seen how this incident will impact investor sentiment and Ethereum’s price recovery.