Crypto’s Wormhole Hacker Transfers $150 Million to Tap Popular Trade
For the first time in several months, a digital asset wallet connected to one of cryptocurrency’s largest hacks moved with over $150 million of stolen money to access a possible trade staked Ether. The blockchain data which showed the money was changed into staked Ether and then wrapped staked Ether, currencies that are supported by the Lido decentralized finance platform, was discovered by the cryptocurrency community on Monday.
The data suggests that the hacker was using the wrapped staked Ether as security to obtain a $13 million loan there in DAI stablecoin, which was then used to purchase additional staked Ether. The deals were then carried out again by the exploiter. Staking entails receiving rewards by securing ETH to support network security. For simpler and more flexible access to staking rewards, crypto protocols like Lido offer liquid avatars of these locked-up currencies.
According to the total amount of cryptocurrency sent to the platform, Lido is the top decentralized project. The overall value of the crypto that is locked on Lido, according to Defi Llama, is $8.25 billion. Wormhole serves as a link for information exchange between the DeFi blockchain networks Solana and others. One of the largest such thefts occurred from it this past year when hackers stole roughly $320 million. Wormhole’s main driver, the crypto section of trading behemoth Jump, reimbursed the losses.
Debangshu is a content writer specializing in the Crypto and DeFi beats. Moreover, he holds 3 years of writing experience in technical niches. He has produced content for a wide range of publications and news outlets, ranging from cryptocurrency-oriented websites to corporate websites.