According to data from Arkham Intelligence, the wallet received $39.75 million worth of DAI stablecoins from an address labeled as “Nomad Bridge Exploiter” on Monday. The DAI was then converted to ETH in $2 million increments using the CoW transaction protocol. These ETH transactions were then sent to Tornado Cash on Thursday.

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Tornado Cash, which was sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) in 2022, is a tool designed to anonymize transactions by distributing them across multiple wallets over time.

The Nomad bridge was hacked in 2022 after attackers exploited vulnerabilities that allowed them to forge transactions and convince the bridge to release assets that did not belong to them. Crypto bridges, which facilitate asset transfers between different blockchains, are increasingly becoming hacker targets. In the same month as the Nomad attack, the Ronin bridge also suffered a major breach, causing a loss of $625 million.

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According to data from cybersecurity firm CYVERS, WazirX’s Safe Multisig wallet on the Ethereum network was compromised. The attackers reportedly transferred a total of $234.9 million to a new address, with each transaction originating from a TornadoCash-funded account.

Blockchain security company PeckShield also confirmed the exploit through a recent tweet. Reports suggest the attackers are swapping stolen assets like PEPE, GALA, and USDT to Ethereum (ETH) and potentially continuing swaps with other cryptocurrencies.

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