After Five Months of Dormancy, Orbit Chain Hacker Sends $48M to Tornado Cash

Last Updated on June 10, 2024

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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.

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.

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.

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.

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