The Orbit Chain hacker has moved a significant amount of stolen funds to the cryptocurrency privacy mixer Tornado Cash after months of silence. This news highlights the ongoing challenge of recovering assets from decentralized finance (DeFi) hacks and the importance of improved security measures in the cryptocurrency ecosystem.
Orbit Chain Hacker Moves $48M to Tornado Cash
The exploiter behind the $82 million Orbit Chain hack over New Year’s Eve has moved $47.7 million to Tornado Cash, a cryptocurrency privacy mixer, after five months of “silence.” According to blockchain analytics firm Arkham Intelligence, a total of 12,932 Ether (ETH), worth $47.7 million, was moved across seven transactions on June 8 to a new address, which then sent the funds to Tornado Cash.
“They stole over $100M in ETH and DAI from Orbit Chain 5 months ago, and have been silent since,” – Arkham Intelligence
The hacker didn’t move the stolen $20 million in Dai (DAI) or other coins extracted from the Orbit Chain cross-chain bridge. Their current balance stands at $71.2 million, including $51.1 million in Ether and small amounts of wrapped Bitcoin (wBTC), wrapped Ether (wETH), Orbit Chain (ORC), and USD Coin (USDC).
Orbit Chain Hack Details
- The hack occurred in the final hours of 2023 at about 8:52 pm UTC on Dec. 31, 2023.
- Orbit Chain confirmed the exploit the following day and said it was “actively engaging” with international law enforcement agencies.
- Orbit Chain offered a bounty of up to $8 million for information that leads to the identification of the attacker or the recovery of the stolen assets.
- The total value locked on the Orbit Bridge protocol has decreased by over 75% since the hack, from $149.25 million to the current $37 million.
Cryptocurrency Hacking Trends
- Hackers stole $542.7 million in cryptocurrencies in the first quarter of 2024, a 42% increase from the same period in 2023.
- Interestingly, smart contract hacks fell 92% to $179 million in 2023, down from a staggering $2.6 billion in 2022.
The Orbit Chain hack and the subsequent movement of the stolen funds to Tornado Cash highlight the ongoing challenges in the cryptocurrency industry. As the ecosystem continues to evolve, the need for improved security measures and better collaboration between projects, law enforcement, and the broader community becomes increasingly crucial to combat these types of attacks and protect users’ assets.
