The Cetus protocol attacker used over 58 million USDC to purchase 21,938 ETH at an average price of $2,658 during the aftermath of the hack

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The attacker exploited vulnerabilities in Cetus Protocol’s smart contracts by deploying spoof tokens to manipulate price curves and reserve calculations.

The stolen assets are reportedly being swapped into USDC and bridged to Ethereum, where they are exchanged for ETH.

The attacker used spoof tokens to exploit price curves and reserve calculations, manipulating liquidity to extract real assets.

In an update, LookOnChain added that the hacker has spent over 58 million USDC to buy 21,938 ETH at an average price of $2,658.

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