The exploiter behind the $82 million Orbit Chain hack over New Year’s Eve has resurfaced, moving $47.7 million to the cryptocurrency privacy mixer Tornado Cash after months of inactivity.
Details of the Recent Transactions
On June 8, the hacker transferred a total of 12,932 Ether (ETH) — valued at $47.7 million — across seven transactions to a new address, which subsequently sent the funds to Tornado Cash. This movement was identified by blockchain analytics firm Arkham Intelligence.
Transfer Breakdown
- Total Transferred: 12,932 ETH ($47.7 million)
- Number of Transactions: Seven
- Destination: Tornado Cash
- Transaction Details: The transfers were mainly in batches of 100 ETH, as per Etherscan data.
Background of the Hack
The exploit, which occurred at approximately 8:52 pm UTC on December 31, 2023, resulted in significant losses for Orbit Chain. Initially reported as an $82 million hack, recent updates from Arkham Intelligence suggest the total amount stolen was closer to $100 million.
Arkham Intelligence noted that the hacker had been inactive since the hack until this recent transfer. Their current holdings, after the recent transactions, include:
- Remaining Balance: $71.2 million
- Ether: $51.1 million
- Other Assets: Wrapped-Bitcoin (wBTC), wrapped-Ether (wETH), Orbit Chain (ORC), and USD Coin (USDC).
The hacker did not move the $20 million in Dai (DAI) or any other coins extracted from the cross-chain bridge.
Orbit Chain’s Response
Following the hack, Orbit Chain confirmed the exploit and stated it was working with international law enforcement agencies to track down the attacker. They also offered a bounty of up to $8 million for information leading to the identification or capture of the hacker.
Also Read: Tornado Cash Developer Alexey Sentenced to Over 5 Years
Orbit Chain uses the Inter-Blockchain Communication Protocol to facilitate data and value transfers across the Cosmos ecosystem. Despite the hack, nearly $37 million in total value remains locked on the chain, a significant drop from the $149.25 million before the December 31 hack and the peak of $313 million in August 2022.
The Larger Context of Crypto Hacks
In the first quarter of 2024, hackers stole $542.7 million in cryptocurrencies, marking a 42% increase compared to the same period in 2023. Notably, smart contract hacks saw a dramatic decrease, falling 92% to $179 million in 2023, down from $2.6 billion in 2022.
