The Attackers Convert Stolen Funds into Ethereum
The hackers responsible for the recent Orbit Chain exploit have successfully converted their stolen funds into Ethereum (ETH), making an additional $1.45 million in unrealized profits due to a surge in ETH prices.
Details of the Conversion
After stealing around $81.6 million from Orbit Chain, the attackers swapped 30 million USDT and 230.9 WBTC for 17,250 ETH at an average price of $2,301. This conversion resulted in a value of $39.7 million, allowing the hackers to take advantage of the rising ETH prices.
Orbit Chain Confirms Breach
Orbit Chain has confirmed that there was unauthorized access to its cross-chain bridging service, Orbit Bridge. The project quickly suspended the bridge contract and engaged in negotiations with the attackers.
Initial Concerns and Investigations
A Twitter user named Kgjr raised concerns about potential exploits on December 31, noting significant outflows from the Orbit Chain Bridge protocol. Further investigations revealed that the hackers conducted five separate transactions to transfer assets to new wallets.
Impact on Orbit Chain
As a platform facilitating cross-chain transfers, Orbit Chain suffered a substantial loss due to this breach. The protocol is deeply integrated with the Klaytn network, and eight of the largest assets on Klaytn were wrapped assets on the Orbit Bridge.
Hot Take: Attackers Profit from Stolen Funds
The attackers behind the Orbit Chain exploit have successfully converted their stolen funds into Ethereum, resulting in additional profits. This incident highlights the ongoing risks associated with cybersecurity in the crypto space and serves as a reminder for users to remain vigilant and take necessary precautions to protect their assets.
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