On New Year’s Eve, the hacker behind the $82 million Orbit Chain hack transferred $47.7 million to the cryptocurrency privacy mixer Tornado Cash after five months of silence. According to blockchain analysis firm Arkham Intelligence, a total of 12,932 Ethereum worth $47.7 million was moved to a new address on June 8th through seven transactions, and this address sent the funds to the crypto mixer Tornado Cash.
Hacker Breaks Silence
This attack was widely reported to have caused $82 million in damages, but Arkham’s recent posts suggest it was closer to $100 million. Arkham, one of the first firms to notice the transfer, shared the following in a June 8th post:
“Five months ago, they stole over $100 million in Ethereum and DAI from Orbit Chain and have been silent since.”
Etherscan data shows that the $47.7 million worth of Ethereum sent through Tornado Cash was mostly in groups of 100 ETH. The hacker did not move the stolen $20 million in DAI or other funds taken from the cross-chain bridge. The current balance stands at $71.2 million, including $51.1 million in Ethereum and small amounts of Wrapped Bitcoin (wBTC), Wrapped Ethereum (wETH), Orbit Chain (ORC), and USD Coin (USDC).
Notable Details for Orbit
The attack occurred in the final hours of 2023 on December 31st. Orbit Chain confirmed the attack the next day and stated it was actively engaging with international law enforcement. In a January 11th statement, Orbit Chain’s X account said:
“We offer a maximum reward of $8 million for definitive intelligence leading to the identification of the attacker or the recovery of the stolen assets.”
Orbit Chain implements the Inter-Blockchain Communication Protocol to transfer data and value across the Cosmos ecosystem. According to DefiLlama, approximately $37 million is locked on the network, which is 75% lower than the $149.25 million locked just hours before the December 31st attack. It peaked at $313 million in August 2022.
Hackers stole $542.7 million in cryptocurrency in the first quarter of 2024, a 42% increase compared to the same period in 2023. Interestingly, smart contract attacks fell from $2.6 billion in 2022 to $179 million in 2023, a 92% decrease.
