Jump Crypto has executed a major conversion of 11,802 stETH, valued at approximately $40.5 million, into ETH within a single hour. The converted ETH was deposited into wallet address 0xf58, with a portion subsequently transferred to multiple cryptocurrency exchanges to bolster liquidity.
The assets originate from the recovery of funds following the Wormhole exploit in February 2023, where Jump Crypto and Oasis collaborated to reclaim roughly 120,000 ETH. This latest transaction is part of ongoing remediation efforts by the consortium.
Approximately 28,000 ETH from the recovered assets remain under the consortium’s custody. The initiative underscores persistent industry actions to address and mitigate the fallout from high-profile security breaches in the cryptocurrency space.