Orbit Chain Hacker Moves $47.7 Million to Tornado Cash After Five Months of Inactivity – Blockonomi


TLDR

After
months
of
silence
following
the
theft
of
approximately
$100
million
in
Ether
(ETH)
and
DAI
from
Orbit
Chain
on
New
Year’s
Eve,
the
hacker
has
resurfaced,
moving
a
substantial
portion
of
the
stolen
funds
through
the
cryptocurrency
privacy
mixer
Tornado
Cash.

According
to
blockchain
analytics
firm

Arkham
Intelligence,
the
hacker
transferred
12,932
ETH,
worth
$47.7
million,
across
seven
transactions
on
June
8,
2024.

The
funds
were
first
sent
to
a
new
address
before
being
channeled
through
Tornado
Cash,
a
service
known
for
obscuring
the
trail
of
cryptocurrency
transactions.

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This
move
has
made
it
significantly
more
challenging
for
authorities
to
track
the
stolen
funds
and
return
them
to
their
rightful
owners.

The
Orbit
Chain
hack
occurred
in
the
final
hours
of
December
31,
2023,
with
the
cross-chain
bridge
confirming
the
exploit
the
following
day.

In
response,
Orbit
Chain
announced
that
it
was
actively
engaging
with
international
law
enforcement
agencies
and
offered
an
$8
million
bounty
for
information
leading
to
the
attacker’s
identification
or
the
recovery
of
the
stolen
assets.

The
hacker’s
current
balance
stands
at
$71.2
million,
consisting
of
$51.1
million
in
Ether
and
smaller
amounts
of
wrapped
Bitcoin
(wBTC),
wrapped
Ether
(wETH),
Orbit
Chain
(ORC),
and
USD
Coin
(USDC).

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Notably,
the
hacker
has
not
moved
the
$20
million
in
DAI
that
was
also
stolen
during
the
exploit.

The
hack
has
had
a
significant
impact
on
Orbit
Chain,
with
the
total
value
locked
on
the
chain
dropping
by
over
75%
since
the
incident.
Just
hours
before
the
exploit,
the
value
locked
on
the
protocol
stood
at
$149.25
million;
it
has
since
fallen
to
nearly
$37
million.
The
protocol’s
peak
value
locked
was
$313
million
in
August
2022.

This
incident
highlights
the
growing
concern
of
cryptocurrency
thefts,
which
have
increased
by
42%
in
the
first
quarter
of
2024
compared
to
the
same
period
in
2023.

Hackers
stole
a
staggering
$542.7
million
worth
of
cryptocurrencies
during
this
time,
emphasizing
the
need
for
enhanced
security
measures
and
regulatory
oversight
in
the
decentralized
finance
(DeFi)
space.

As
the
hunt
for
the
Orbit
Chain
hacker
continues,
the
move
to
Tornado
Cash
has
made
the
task
of
recovering
the
stolen
funds
significantly
more
complex.

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Author: Oliver Dale


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