Someone is Buying the Ethereum (ETH) Dip… But It’s Not What You Think

There are no two ways around it: Ethereum’s price fell off a cliff throughout the past 24 hours. It lost 22% during the day and over 33% in the past week.

As CryptoPotato reported earlier today, one of the largest crypto trading firms – Jump Crypto – has been offloading ETH positions for a few days now, and the community is speculating that it might be associated with the investigation that the US CFTC launched into it in June.

Nonetheless, an interesting development came to light just hours ago. Massive plunges in the price are definitely not typical, and a lot of traders consider them to be a buying opportunity. This also seems to be the case with the exploiters of Nomad Bridge.

That’s right, hackers are literally buying the ETH dip! For those of you who don’t know, Nomad Bridge was exploited back in 2022. The perpetrators managed to exploit $190 million worth of various coins in a chaotic copy-paste attack.

On-chain data has now surfaced, revealing that the hackers have spent 39.75 million worth of DAI to buy almost 17,000 ETH a few hours ago. They are now depositing the ETH to the crypto mixer Tornado Cash.

Hackers bought $ETH at the bottom after the market dropped!

The #Nomad Bridge Exploiter spent 39.75M $DAI to buy 16,892 $ETH an hour ago and is depositing $ETH to https://t.co/11PfRBP2j2.https://t.co/8pwhTFSnLw

Crypto bridge #Nomad was exploited for ~$200M on Aug 2, 2022.… pic.twitter.com/9id6bxBR14

— Lookonchain (@lookonchain) August 5, 2024