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Orbit Chain Hacked for $48 Million: Here’s What Happened

A jaw-dropping revelation rocks the crypto world as a hacker pulls off a daring heist, siphoning a staggering $48 million from Orbit Chain and smartly laundering it through Tornado Cash. This shocking news breaks after a period of silence since the initial breach at the start of New Year celebrations.

Orbit Chain’s cross-chain bridge fell prey to the breach, resulting in the theft of millions, with estimates soaring up to $100 million.

The Heist Unveiled

On June 8, the hacker orchestrated seven transactions, funneling 12,932 ETH, equivalent to $47.7 million, into a new address, according to data from Arkham Intelligence. Subsequently, the funds were channeled into Tornado Cash, a crypto money launderer renowned for obscuring the trail of ill-gotten gains. A detailed breakdown of the transactions, per Etherscan records, reveals batches of 100 ETH.

Remaining Stakes

Remarkably, the hacker hasn’t liquidated the $20 million in Dai (DAI) stolen, alongside other assets funneled through the cross-chain bridge. This leaves them with a substantial balance totaling $71.2 million, comprising $51.1 million in Ether tokens, along with holdings in wrapped Bitcoin (wBTC), wrapped Ethereum (wETH), Orbit Chain (ORC), and USD Coin (USDC).

The exploit unfolded in the final hours of 2023, casting a shadow over the dawn of the new year on December 31st. Orbit Chain promptly verified the breach the next day, alerting international law enforcement agencies to apprehend the perpetrator and restore stolen assets.

The Trail Goes Cold

Tornado Cash, a revered cryptocurrency privacy mixer, offers users anonymity by blending their coins with others, making it difficult to trace the origins of the funds. Unfortunately, this feature is a double-edged sword, often exploited by hackers to launder their ill-gotten gains, complicating the process of asset recovery.

Is your crypto safe? Learn more about protecting your digital assets from online threats: A Comprehensive Guide to Keeping Your Crypto Safe

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