Summary:
In a recent development, the hacker responsible for stealing $100 million in ETH and DAI from Orbit Chain on New Year’s Eve has reappeared, moving $47.7 million to Tornado Cash. The hacker’s balance now stands at $71.2 million, with $51.1 million in Ether and other cryptocurrencies. Orbit Chain’s total value locked has decreased by 75% since the hack. Cryptocurrency thefts have risen by 42% in the first quarter of 2024 compared to 2023, totaling $542.7 million.
Orbit Chain Hacker Resurfaces
After months of silence, the hacker behind the $100 million theft from Orbit Chain on New Year’s Eve has reemerged by transferring a portion of the stolen funds through Tornado Cash, a cryptocurrency privacy mixer.
- The hacker moved $47.7 million to Tornado Cash on June 8, 2024.
- 12,932 ETH was transferred across seven transactions.
- The funds were channeled through Tornado Cash to obscure the transaction trail.
Impact on Orbit Chain
The hack has had a significant impact on Orbit Chain, with the total value locked on the protocol dropping by over 75% since the incident.
- Before the exploit, the value locked stood at $149.25 million.
- Currently, it has fallen to nearly $37 million.
- The protocol’s peak value locked was $313 million in August 2022.
Rise in Cryptocurrency Thefts
The incident underscores the increasing concern around cryptocurrency thefts, which have seen a 42% rise in the first quarter of 2024 compared to the same period in 2023.
- Hackers stole $542.7 million worth of cryptocurrencies during this period.
- This highlights the need for improved security measures and regulatory oversight in the DeFi space.
Complexity of Recovery
As authorities continue their pursuit of the Orbit Chain hacker, the move to Tornado Cash has made the task of recovering the stolen funds more challenging.
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