Hacker Transfers 48M to Tornado Cash in Orbit Chain Exploit
In a significant development within the realm of cryptocurrency fraud, the perpetrator behind the Orbit Chain scam has successfully siphoned off an astonishing $48 million and funneled it into Tornado Cash. This illicit activity marks a resurgence after a period of dormancy following the initial breach that transpired at the start of the New Year festivities. The breach of the Orbit Chain cross-chain bridge resulted in the pilfering of millions of dollars, with estimates suggesting the total amount stolen could potentially reach $100 million at present.
On June 8, the hacker executed seven transactions, transferring 12,932 ETH equivalent to $47.7 million to a newly generated address, as per data sourced from Arkham Intelligence. Subsequently, the funds were channeled to Tornado Cash, a platform specializing in cryptocurrency money laundering, which aids in obfuscating the trail of illicitly obtained funds. The breakdown of these transactions, as documented on Etherscan, occurred in batches of 100 ETH each.
Remarkably, the hacker has yet to liquidate the $20 million in Dai (DAI) stolen, along with other assets withdrawn via the cross-chain bridge. This leaves the perpetrator with a remaining balance of $71.2 million, comprising $51.1 million in Ether tokens, as well as holdings in wrapped Bitcoin (wBTC), wrapped Ethereum (wETH), Orbit Chain (ORC), and USD Coin (USDC).
The exploit transpired in the waning hours of 2023, specifically on December 31st. Orbit Chain promptly confirmed the breach the following day and has since enlisted the aid of international law enforcement agencies to apprehend the attacker and facilitate the recovery of the misappropriated assets.
Tornado Cash, a widely utilized cryptocurrency privacy mixer, enables users to blend their funds with those of others, rendering it arduous to trace the original source of the funds. This functionality is frequently exploited by cybercriminals to launder stolen assets, thereby complicating the efforts to reclaim them.
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