As a researcher with extensive experience in blockchain and cybersecurity, I find the recent activity of the hacker behind the $100 million Orbit Chain bridge exploit to be both intriguing and concerning. The fact that they have remained dormant for over five months, only to suddenly move $48 million in ETH through TornadoCash, highlights their sophistication and ability to evade detection.
The wallet involved in the $82 million cross-chain bridge hack on Orbit Chain at the end of 2023 has recently been activated after being dormant for more than five months. On June 8, the hacker moved $48 million in Ether to TornadoCash to conceal their transactions and use the funds without being traced by intelligence agencies or law enforcement. The transfer was broken down into eight separate transactions, amounting to 12,932 Ether in total.
According to Arkham Intelligence’s findings, the reported theft of approximately $82 million has been revised to over $100 million in Ethereum (ETH) and Decentralized Autonomous Coin (DAI) stolen from Orbit Chain five months ago. The hackers currently possess around $51.1 million worth of ETH and $20 million worth of DAI, making the total value of their ill-gotten gains over $71 million. No transactions involving DAI or other minor assets have been detected in their wallet since the theft.
On New Year’s Eve, a skilled hacker managed to make off with substantial funds from Orbit Chain by infiltrating a frequently compromised blockchain element – the cross-chain bridge. Over the past few years, there have been numerous instances of bridge hacks, with the Wormhole bridge breach being the most notorious. In that incident, the attackers made away with approximately $321 million.
As a crypto investor, I’d describe it this way: Orbit Chain is part of the Cosmos network, utilizing the Interblockchain Communication Protocol (IBC) for seamless asset transfer between different blockchains. This feature is essential for creating an interoperable and scalable future in the world of cryptocurrencies. Regrettably, a vulnerability was discovered in Orbit Chain’s bridge contract, resulting in a significant loss – estimated at either $82 million or $100 million. In response to this hack, Orbit Chain has issued an $8 million bounty for anyone who can provide valuable information leading to the identification of the perpetrator.
The Orbit Chain team announced on Telegram that they have uncovered transactions suggesting assets were transferred from Tornado Cash to various exchanges. They are collaborating with law enforcement to apprehend the perpetrator and gather more information from these asset transfers.
Image by vicky gharat from Pixabay
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2024-06-11 14:00