An unknown person who hacked the Wormhole cross-chain protocol worth over $319 million in February 2022 began moving assets.
Wormhole exploiter has converted his ETH to wstETH and is going to borrow DAI against it it seems. pic.twitter.com/9rhERSMG5u
— Spreek (@spreekaway) January 23, 2023
A Twitter user under the pseudonym Spreek noticed that the hacker exchanged 95,677 ETH through the OpenOcean DEX aggregator for a “wrapped version” of stETH from the Lido protocol. He then converted the assets to wstETH tokens compatible with DeFi trading platforms. He used the funds as collateral to borrow several amounts in the DAI stablecoin on the MakerDAO platform. He converted some of the coins back into ETH via KyberNetwork. The activity of the hacker affected the stETH quotes - at the moment they exceeded the price of the underlying asset, according to Dune Analytics.
“Either the guy is just having fun on-chain with stolen assets, or he is long in stETH, so he decided to start trading,” commented Stephen Sheng, director of research at The Block.
A similar assumption was made by Adam Cochran, a partner at Cinneamhain Ventures.
“I suspect that some of them [hackers] are cashing out using highly leveraged positions while shorting through another account. This allows you to liquidate the stolen funds and withdraw through a clean short account,” he said.
The Wormhole team again turned to the hacker with a proposal to return all the stolen funds for a legal reward of $10 million.
The Wormhole incident became one of the largest in terms of the amount of damage in 2022, and the total losses of the industry as a result of attacks amounted to about $3.6 billion.
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