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

There’s no two ways about it: the price of Ethereum fell off a cliff in the last 24 hours. It lost 22% on the day and more than 33% last week.

Source: TradingView

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

However, a few hours ago an interesting news came to light. Massive price drops are certainly not common, and many traders see them as a buying opportunity. This also seems to be the case with Nomad Bridge exploiters.

That’s right, hackers are literally buying ETH down! For those of you who don’t know, Nomad Bridge was mined in 2022. The perpetrators managed to mine several coins worth $190 million in a chaotic copy and paste attack.

Data has now surfaced on the chain, revealing that hackers spent 39.75 million DAI to buy almost 17,000 ETH a few hours ago. Now they are depositing the ETH in Tornado Cash crypto mixer.

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

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

Cryptographic bridge #Nomad mined for ~$200 million on August 2, 2022… pic.twitter.com/9id6bxBR14

— Lookonchain (@lookonchain) August 5, 2024

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!