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Orbit Chain

Crypto Heist Heats Up: Orbit Chain Hackers On The Move With $48 Million

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After dormant monies from the December Orbit Chain were seen flowing through Tornado Cash, a well-known blockchain anonymizer, cryptocurrency investors are in a whirl. After months of silence, the hack—which stole an astounding $48 million (since expanded to $121 million due to market swings)—had gone silent and many people thought the ill-gotten gains were gathering dust in a digital vault.

Related Reading: Crypto Chaos: 70% Of Dead Korean Exchanges Leave Investors High And Dry

Elusive Hacker Strikes Again

Then the hacker reappeared, over $50 million worth of Ether transferred to a new wallet before whirling it via Tornado Cash, a service infamous for its ability to hide the path of cryptocurrency transactions, like a digital ghost. Tracking the pilfers and returning the money to its proper owners is quite difficult, if not impossible, thanks to this laundering game-plan.

🚨ONGOING: $100M Orbit Chain Exploiter sends $32M to Tornado Cash after 5 months silence

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

— Arkham (@ArkhamIntel) June 8, 2024

Orbit Chain Hack: Motive Unclear

It is still unknown why the hacker became suddenly active. several hypothesise it could be a reaction to Orbit Chain’s recent resurrection of several bridging services that let users move crypto assets between several blockchains. This could mean the hacker is getting ready to cash out or it could just be an effort to further muddle investigators.

Orbit Chain itself have not exactly been very forthcoming with material. Though guarantees that they are collaborating with authorities help to clarify the source of the hack remains under wraps. The protocol has also neglected user worries regarding possible repayment, which has left many investors stranded in the digital sphere.

ETH is now trading at $3,674. Chart: TradingView

This episode highlights the natural weaknesses in DeFi systems. Lack of regulatory supervision puts investors at risk even if they show an attractive picture of distributed finance.

Now hidden under a digital smokescreen, the search for the missing millions has become much more difficult.

Crypto Crime On The Rise

Recent figures reveal that hackers stole $540 million in digital assets in the first quarter of 2024 among a worrying pattern of rising bitcoin theft. This increases by 42% from the same period previous year. With its distributed exchanges, the over $100 billion in total value locked (TVL) business, Decentralised Finance (DeFi), is especially susceptible.

DeFi was the main target for attacks in Q1, according a web3 bug bounty site, suggesting notable security flaws as compared to Centralised Finance (CeFi) systems.

Related Reading: Bitcoin Miner Core Scientific Says No To CoreWeave $1 Billion Buyout Offer

Of these losses, most were caused by hacks—96%—while fraud only accounted for 4%. The most targeted blockchains were Ethereum and BNB Chain; Ethereum suffered over thirty separate attacks.

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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