Exploiter Shuffles $323 Million Worth of Stolen Ethereum

Bullet Points:
– An address linked to the theft of $323 million worth of Ethereum (ETH) from Wormhole has begun shuffling assets.
– The exploiter transferred the funds onto a decentralized exchange (DEX) and then went on to cycle funds around different DeFi protocols.
– The hacker swapped 95,630 ETH ($157.2 million) for staked ether (stETH) and then swapped the stETH for 86,473 wrapped Ether (WETH).

After several days of dormancy, the address linked to the theft of $323 million worth of Ethereum (ETH) from Wormhole has suddenly become active. Wormhole is a cross-chain protocol that links Solana to other DeFi blockchain networks. The theft, which occurred in 2022, was one of the biggest of its kind. However, the losses were refunded by the crypto division of trading giant Jump, a leading force behind Wormhole.

The activity on the address began when the threat actor consolidated the Ether they had stolen before starting a swap for 95,630 ETH ($157.2 million) into staked ether (stETH) through OpenOcean, the decentralized exchange (DEX) aggregator. Staking coins is a process of locking up digital assets in a smart contract in exchange for rewards. After swapping the stETH for 86,473 wrapped Ether (WETH), the hacker then moved funds around different DeFi protocols, such as Yearn.finance, Uniswap and Aave.

The hacker eventually made their way back to Wormhole, where they swapped the WETH for 8,639,597 Wormhole Tokens (WHT). The funds were then sent to two different wallets. The first wallet received 4,319,798 WHT, valued at around $78 million. The second wallet received 4,319,800 WHT, valued at around $78 million.

The hacker’s activities have raised concerns about the security of the protocol, as well as the ability of the blockchain to protect users from such large-scale thefts. It is yet to be seen how the Wormhole team will respond to the incident, and what measures they will take to ensure that such incidents do not occur again.