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In a major news in the crypto-fraud domain, the defrauder of the Orbit Chain has withdrawn a whopping $48 million and laundered it to the Tornado Cash.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The hacker has not converted the $20 million in Dai (DAI) stolen, or any other assets that have been withdrawn through the cross-chain bridge.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

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