Orbit Chain hacker moves $48M to Tornado Cash after months of ‘silence’

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The exploiter behind the $82 million Orbit Chain hack over New Yr’s Eve has moved $47.7 million to cryptocurrency privateness mixer Twister Money after 5 months of “silence.”

A complete of 12,932 Ether (ETH) — value $47.7 million — was moved throughout seven transactions on June 8, to a brand new deal with, which despatched the funds to crypto mixer Twister Money, according to blockchain analytics agency Arkham Intelligence.

Transfers made by the Orbit Chain hacker on June 8. Supply: Arkham Intelligence

It was broadly reported that the exploit prompted $82 million in losses however Arkham’s latest posts counsel it was nearer to $100 million.

“They stole over $100M in ETH and DAI from Orbit Chain 5 months in the past, and have been silent since,” Arkham — one of many first companies to identify the switch — said in a June 8 X submit.

The $47.7 million in Ether despatched by way of Twister Money have been largely in batches of 100 ETH, Etherscan information shows.

The hacker didn’t transfer the $20 million in Dai (DAI) stolen or another cash extracted from the cross-chain bridge.

Their balance now stands at $71.2 million, together with $51.1 million in Ether and small quantities of wrapped-Bitcoin (wBTC), wrapped-Ether (wETH), Orbit Chain (ORC) and USD Coin (USDC).

Supply: Arkham Intelligence

The hack occurred in the final hours of 2023 at about 8:52 pm UTC on Dec. 31, 2023.

Orbit Chain confirmed the exploit the next day and stated it was “actively participating” with worldwide regulation enforcement companies.

“Those that present decisive intelligence that results in figuring out the attacker or recovering stolen belongings will obtain the bounty,” Orbit Chain’s X account said on Jan. 11.

“As a most reward, we’re providing $8M USD.”

Associated: $20M exploit cripples Sonne Finance, hacker in no mood for negotiation

Orbit Chain implements the Inter-Blockchain Communication Protocol to switch information and worth all through the Cosmos ecosystem.

There’s almost $37 million in complete worth locked on the chain, according to DefiLlama.

Nevertheless, that determine is down over 75% from the $149.25 in worth locked on the protocol hours earlier than the Dec. 31 hack.

It reached a peak of $313 million in August 2022.

Complete worth locked on the Orbit Bridge since August 2022. Supply: DeFiLlama

Hackers stole $542.7 million in cryptocurrencies within the first quarter of 2024, a 42% enhance from the identical interval in 2023.

Curiously, smart contract hacks fell 92% to $179 million in 2023, down from a staggering $2.6 billion in 2022.

Journal: DeFi’s billion-dollar secret: The insiders responsible for hacks