Orbit Chain Exploit: Hacker Moves $48M to Tornado Cash

Hack

The post Orbit Chain Exploit: Hacker Moves $48M to Tornado Cash appeared first on Coinpedia Fintech News

In a major news in the crypto-fraud domain, the defrauder of the Orbit Chain has withdrawn a whopping $48 million and laundered it to the Tornado Cash. This comes at a time when the activity was stagnant since the first incident that occurred at the onset of the New Year celebration. The Orbit Chain cross-chain bridge was affected and millions of dollars stolen; it is believed this could be as high as $100m at the moment.

Specifically, on June 8, the hacker made seven transactions to send 12,932 ETH, or $47.7  million, to a new address according to the data from Arkham intelligence. So the address then proceeded to transfer the funds to Tornado Cash which is a crypto money launder, which helps in concealing the flow of the stolen funds. The above transactions broke down going by the Etherscan record with a batch of 100 ETH.

The hacker has not converted the $20 million in Dai (DAI) stolen, or any other assets that have been withdrawn through the cross-chain bridge. This indicates the balance they have, $71. 2 million, including $51. 1 million in Ether tokens along with other tokens of wrapped Bitcoin (wBTC), wrapped Ethereum (wETH), Orbit Chain (ORC), and USD Coin (USDC).

The exploit occurred in the final hours of 2023,  on 31st December. The next day, Orbit Chain verified the hack and has since then reported the incident to international law enforcement agencies for the attacker to be apprehended alongside the stolen assets to be restored. 

Tornado Cash, a popular cryptocurrency privacy mixer, allows users to mix their coins with others, making it difficult to trace the origin of the funds. This feature is often exploited by hackers to launder stolen assets, further complicating recovery efforts.

Also Read: Loopring Hack Exposes Vulnerability in “Most Secure Wallet,” Drains $5 Million

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
Justin Sun Announces Plans to Purchase Official Trump Meme Worth $100M: What Next for $TRUMP Price?
The post Justin Sun Announces Plans to Purchase Official Trump Meme Worth $100M: What Next for $TRUM...
READ MORE
post-thumbnail
Bitcoin Price Hits New ATH of $112k: Is the 2025 Altseason Here? Experts’ Insights 
The post Bitcoin Price Hits New ATH of $112k: Is the 2025 Altseason Here? Experts’ Insights  appe...
READ MORE
post-thumbnail
Pump.fun Confirms $1.3B ICO for $PUMP Token on July 12: Details
The post Pump.fun Confirms $1.3B ICO for $PUMP Token on July 12: Details appeared first on Coinpedia...
READ MORE
post-thumbnail
XRP Price Surges Amid Ripple’s Regulatory Push & Institutional Backing
The post XRP Price Surges Amid Ripple’s Regulatory Push & Institutional Backing appeared first...
READ MORE
post-thumbnail
Tokenized Securities are Still Securities: SEC Commissioner Hester Pierce Says
The post Tokenized Securities are Still Securities: SEC Commissioner Hester Pierce Says appeared fir...
READ MORE
default post thumbnail
Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
On Wednesday afternoon, Bitcoin (BTC) surged to a remarkable all-time high (ATH) of $112,022, breaki...
READ MORE
Read more posts