Key Takeaways:
- The Orbit Chain cross-chain bridge was exploited for over $100 million, with $47.7 million in ETH moved recently via Tornado Cash.
- The hacker’s current balance is $71.2 million, mainly in ETH, with $20 million in DAI still unmoved.
- Orbit Chain’s value locked dropped from $149.25 million pre-hack to $37 million, offering an $8 million reward for hacker identification.
The Orbit Chain cross-chain bridge was exploited for $82 million on New Year’s Eve, with the funds lying dormant since January 1.
On June 8, the hacker moved $47.7 million in Ether (ETH) through the cryptocurrency privacy mixer Tornado Cash after months of inactivity.
🚨ONGOING: $100M Orbit Chain Exploiter sends $32M to Tornado Cash after 5 months silence
— Arkham (@ArkhamIntel) June 8, 2024
In the past hour, the Orbit Chain Exploiter moved 8671 ETH ($32M) to a new address and is currently in the process of depositing it to Tornado Cash.
They stole over $100M in ETH and DAI… pic.twitter.com/Bq7BRdXqmc
The total amount stolen was over $100 million, including ETH and DAI.
However, the hacker did not move the stolen $20 million in DAI or other extracted coins.
The hacker’s current balance is $71.2 million, comprising mainly ETH and smaller amounts of other cryptocurrencies.
UPDATE: PERPETRATOR BEHIND THE $82M ORBIT CHAIN HACK IN DECEMBER MOVES $48M THROUGH TORNADO CASH
— BSCN Headlines (@BSCNheadlines) June 10, 2024
Orbit Chain confirmed the exploit on January 1 and has been collaborating with international law enforcement, offering an $8 million reward for information leading to the hacker’s identification or asset recovery.
The value locked in Orbit Chain has significantly dropped from $149.25 million before the hack to around $37 million, with a peak of $313 million in August 2022.
Orbit Chain exploiter moves $48 million through Tornado Cash after months of post-hack dormancy https://t.co/BohqmTJJ1K
— The Block (@TheBlock__) June 9, 2024
Overall, hackers stole $542.7 million in cryptocurrencies in the first quarter of 2024, marking a 42% increase from the same period in 2023.
However, smart contract hacks saw a significant decline, dropping 92% from $2.6 billion in 2022 to $179 million in 2023.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
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