- The hacker behind the $82 million Orbit Chain hack on New Year’s Eve has reemerged, transferring $47.7 million worth of cryptocurrency to Tornado Cash after five months of silence.
- Blockchain analysis firm Arkham Intelligence disclosed that the hacker moved a total of 12,932 Ether (ETH) worth $47.7 million to Tornado Cash in seven transactions on June 8.
- The attack, initially reported to have caused $82 million in losses, may have actually resulted in damages close to $100 million, according to Arkham’s latest findings.
Orbit Chain hacker resurfaces after five months, moving millions in ETH. Details inside on the implications and ongoing investigations.
The Hacker’s Resurgence and Significant ETH Transfers Caught Attention
Blockchain analytics firm Arkham was among the first to spot this resurgence on June 8. “They stole over $100 million in ETH and DAI from Orbit Chain five months ago and had been dormant since,” one of Arkham’s X posts noted. Etherscan data revealed that the hacker funneled the $47.7 million in Ether predominantly in increments of 100 ETH each through Tornado Cash, emphasizing a strategic effort to evade detection and obfuscate the origins of the stolen funds.
Remaining Funds and Ongoing Stakes
Despite these substantial transfers, the hacker has left roughly $71.2 million in crypto assets untouched, including $20 million in Dai (DAI), implying that this is a calculated move rather than a full liquidation. Remaining assets incorporate $51.1 million in Ether, alongside smaller amounts held in Bitcoin (wBTC), Ether (wETH), Orbit Chain (ORC), and USD Coin (USDC).
Orbit Chain and The Immediate Response to The Attack
The breach occurred during the final hours of December 2023, leading Orbit Chain to confirm the cyberattack the following day. The company publicly stated its active cooperation with international law enforcement agencies. In a post on their X account dated January 11, Orbit Chain offered a reward of up to $8 million for concrete intelligence that could lead to the identification of the perpetrator or the recovery of the stolen assets.
Impact on Orbit Chain’s Total Value Locked (TVL)
According to DefiLlama, Orbit Chain’s total value locked (TVL) currently stands at approximately $37 million, which is significantly lower than the $149.25 million recorded just hours before the attack. This represents more than a 75% drop in the protocol’s TVL, illustrating the severe impact of the breach on its otherwise secure ecosystem.
Conclusion
In summary, the Orbit Chain hack and the recent reactivation by the attacker have laid bare numerous vulnerabilities within decentralized financial systems. The substantial shift in Ether to Tornado Cash signifies a meticulously planned effort aimed at evading law enforcement and financial tracking systems. As investigations proceed, the crypto community remains on high alert, emphasizing the urgency for enhanced security measures and international cooperation to prevent future attacks and recover misappropriated funds. Investors and traders must remain cautious and undertake rigorous research before engaging in any financial activities within the crypto sphere.
