The mastermind behind the $82 million Orbit Chain breach on New Year’s Eve has transferred $47.7 million to the cryptocurrency privacy mixer Tornado Cash after maintaining silence for five months.
According to blockchain analytics company Arkham Intelligence, a total of 12,932 Ether (ETH) valued at $47.7 million was moved in seven transactions on June 8 to a new address, which then sent the funds to the crypto mixer Tornado Cash.
Although initial reports estimated losses at $82 million, recent updates from Arkham suggest the actual amount may be closer to $100 million. The hacker stole more than $100 million in ETH and DAI from Orbit Chain five months ago and had remained quiet until now, as per Arkham’s June 8 announcement.
The $47.7 million in Ether sent through Tornado Cash was mostly transferred in increments of 100 ETH, according to Etherscan data. The hacker has not yet moved the stolen $20 million in DAI or other coins obtained through the cross-chain bridge, leaving their current balance at $71.2 million, which includes $51.1 million in Ether, along with small amounts of wrapped Bitcoin (wBTC), wrapped Ether (wETH), Orbit Chain (ORC), and USD Coin (USDC).
The breach occurred in the final hours of 2023 around 8:52 pm UTC on December 31, 2023. Orbit Chain confirmed the breach the next day and stated that they were actively working with international law enforcement agencies. They announced a bounty of up to $8 million for those who provide valuable information leading to the identification of the attacker or the recovery of stolen assets.
Orbit Chain utilizes the Inter-Blockchain Communication Protocol to facilitate the transfer of data and value within the Cosmos ecosystem. Currently, there is nearly $37 million in total value locked on the chain, as reported by DefiLlama. However, this figure has decreased by over 75% from the $149.25 million locked on the protocol just before the December 31, 2023 breach. The total value locked had reached a peak of $313 million in August 2022.
In the first quarter of 2024, hackers stole $542.7 million in cryptocurrencies, marking a 42% increase from the same period in 2023. Interestingly, smart contract hacks dropped by 92% to $179 million in 2023, down from a staggering $2.6 billion in 2022.