Crypto Hacker Poured Nearly $40 Million Into Ether as Token Sank

While a sharp selloff pummeled crypto markets and inflicted steep losses on holders of most major tokens, one unusual party spied an opportunity to buy the dip.

A blockchain wallet linked to a hacker that pulled off a massive crypto heist two years ago swapped a chunk of its ill-gotten gains for Ether on Monday — even as the second-largest token sank by as much as 23%.

Nomad, a so-called “bridge” protocol used to transfer cryptocurrencies between different blockchains, lost close to $200 million to a security exploit in 2022. Blockchain data cited by security firm PeckShield suggests the hacker ...