For the first time in months, a digital-asset wallet linked to one of crypto biggest hacks moved more than $150 million in stolen funds to participate in a staked Ether trade.
On Monday, the crypto community began to notice blockchain data indicating that the funds were converted into staked Ether and then wrapped staked Ether — tokens supported by the Lido decentralised finance platform.
According to the data, the hacker used the wrapped staked Ether as collateral for a $13 million loan in the DAI stablecoin, which was then used to purchase more staked Ether. The exploiter then repeated the transactions.
Earning rewards for staking involves locking up Ether coins to help secure the Ethereum network. Lido and other crypto protocols provide liquid avatars of these locked-up tokens for easier and more flexible access to staking rewards.
Lido is the most valuable decentralised project in terms of total crypto sent to the platform. According to DeFi Llama, the total value of crypto locked on Lido is $8.25 billion.
Wormhole serves as a link between Solana and other DeFi blockchain networks. Last year, hackers stole approximately $320 million from it, making it one of the largest such thefts. The losses were refunded by Jump’s crypto division, which was a driving force behind Wormhole.