Orbit Chain Hackers Transfer $48M through Tornado Cash
At the beginning of this year, the famous cross-chain protocol Orbit Chain suffered a malicious attack that resulted in a loss of $82 million. Months after the attack the hackers took another step to move the funds.
A Texas-headquartered blockchain analytics firm, Arkham Intelligence, demonstrated that the Orbit Chain exploiters had moved $48 million of the stolen funds through the controversial crypto mixer Tornado Cash.
Orbit Chain Hackers Breaks Silences by Moving Stolen Funds
The Arkham team observed that the transaction was made on Saturday, June 08. The investigator noted that the hackers made seven consecutive transactions to a new address that later transferred the funds to Tornado Cash.
Arkham stated that the hackers transferred 13,000 Ether (ETH) worth $50 million to a new address. The on-chain report indicated that the stolen funds were transferred to Tornado Cash to obscure the source and destination of the funds.
After establishing a significant comeback, the crypto community expressed concerns about the return of hackers. Some speculated that the hackers broke their silence after the Orbit Chain confirmed plans to restore some bridging services.
The Orbit team has invested in building a robust Inter-Blockchain Communication platform capable of sharing data within the cosmos network.
Arkham revisited the Orbit Chain exploit and noted that nearly $100 million worth of Ether and DAI were stolen. Arkham confirmed that in the recent transaction, the hackers remained with Ether, USD Coin, wrapped-Bitcoin, Orbit Chain (ORC), wrapped Ether (wETH), and DAI tokens worth $71 million.
Orbit Chain Collaborates with Law Enforcers to Recover Stolen Funds
On Telegram, the Orbit Chain confirmed that the company was cooperating with the relevant authority to track the stolen funds. The Orbit team plans to take adequate measures to improve the protocol’s security.
The hacking incident on New Year’s Eve created fear among the crypto community. The Orbit team has collaborated with global law enforcers and blockchain analytics firms to recover the stolen funds.
On X, Orbit announced a bounty to any individual or entity that would identify the hackers or recover the stolen funds. In a subsequent tweet, the Orbit stated that individuals identifying the hackers would receive a reward worth over $8 USD.
After assessing the damages caused by the exploit, the Orbit team stated that the attack was not caused by a vulnerability or compromised validator key. The Orbit exploit challenges other security experts to interview the subject matter.
Reviewing Orbit Chain Attack
A statement from Match System demonstrated that the Lazarus group conducted the Orbit attack. The Match team observed a similarity between Orbit exploits and those conducted by the Lazarus Group.
Also, the Metamask lead developer Taylor Monahan noted traits similar to those on Orbit in those attacks launched by the Lazarus Group. The Orbit attack demonstrated that the hackers have been preying on the digital sector.
To prevent cyber-related crimes,crypto firms are encouraged to implement adequate security measures and advanced risk detention systems. Failure to take corrective measures to address cyber attacks exposes the crypto firm to huge losses.
A recent report demonstrated that over $542.7 million worth of crypto was stolen in Q1 of 2024. The report depicts that the hackers were preying on easy targets such as smart contract attacks.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
