Ethereum (ETH) experienced a sharp decline of 22% within the last 24 hours, and a 33% drop over the week. This downturn follows reports that Jump Crypto has been unloading its ETH holdings, a move believed to be linked to an ongoing CFTC investigation initiated in June in the US.
Why Did Hackers Buy During the Drop?
Recently, an intriguing buying activity emerged as the price of ETH plummeted. Some investors view significant price drops as buying opportunities, and it appears hackers from the Nomad Bridge heist are no exception.
The Nomad Bridge hack in 2022 saw $190 million in various altcoins stolen using a chaotic copy-paste method. On-chain data now reveals these hackers spent $39.75 million in DAI to acquire approximately 17,000 ETH just hours ago.
How Are Hackers Concealing Their Purchases?
Following the acquisition, on-chain data indicates that the hackers are attempting to hide the trail of their funds by depositing the newly purchased ETH into Tornado Cash, a cryptocurrency mixer platform.
Key Takeaways from the Incident
– The sharp price drop of ETH presents buying opportunities for both ordinary investors and malicious actors.
– On-chain data is crucial for tracking suspicious transactions and understanding market movements.
– The use of crypto mixer platforms like Tornado Cash helps hackers obscure their financial tracks.
As the global market turmoil continues to affect cryptocurrencies, the Nomad Bridge hackers’ activity during ETH’s price drop stands out. Experts suggest that the rapid decline of Ethereum, a major altcoin, represents a buying opportunity, potentially indicating an impending end to the downtrend and selling pressure.
