Breaking Crypto News – Understanding the Recent Activity of the Orbit Chain Hacker
Breaking Crypto News – After going silent for five months, the exploiter responsible for the $82 million Orbit Chain hack on New Year’s Eve has transferred $47.7 million to Tornado Cash, a cryptocurrency privacy mesh. The blockchain analytics company Arkham Intelligence reports that on June 8, 12,932 Ether, valued at $47.7 million, were transferred over seven transactions to a new address and routed to cryptocurrency mixer Tornado Cash.
The Stolen Amount Could Be Over $100 Million
As to Arkham’s subsequent writings, the actual damages incurred by the exploit may have been closer to $100 million than the $82 million that was initially revealed.
They stole over $100M in ETH and DAI from Orbit Chain 5 months ago, and have been silent since,
Arkham
According to Etherscan data, the majority of the $47.7 million in Ether transferred via Tornado Cash came in batches of 100 ETH. The $20 million in Dai (DAI) that was pilfered and any other currencies that were taken out of the cross-chain bridge were not moved by the hacker. With $51.1 million in Ether and smaller amounts of wrapped-Bitcoin (wBTC), wrapped-Ether (wETH), Orbit Chain (ORC), and USD Coin (USDC), their current balance is $71.2 million.
FAQ
What is Tornado Cash?
An open-source, fully decentralized, non-custodial cryptocurrency tumbler that operates on networks that are compatible with the Ethereum Virtual Machine is called Tornado Cash. In order to obfuscate the path leading back to the fund’s original source, it provides a service that blends crypto funds that may be recognizable or “tainted” with others.
What is Orbit Chain Hack?
A hack that took $81.5 million from the protocol over many transactions occurred in the latter hours of 2023 on the cross-chain bridge Orbit Chain, which has strong ties to the Klaytn KLAY -0.48% ecosystem.
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