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Capitalizing on their successful exploit of Orbit Chain hacker, the attackers seamlessly converted their acquired assets into Ethereum (ETH), reaping an additional $1.45 million in unrealized profits.
This financial maneuver coincided with a notable 4.7% surge in ETH prices over the past 24 hours, underscoring the agility and opportunistic nature of the malicious actors involved.
🚨 After stealing ~$81.6M in various assets from @Orbit_Chain, the exploiter swapped 30M $USDT and 230.9 $WBTC to 17,250 $ETH ($39.7M) at $2,301 on avg.
— Spot On Chain (@spotonchain) January 2, 2024
And now further gains $1.45M in unrealized profit thanks to the 3.8% pump in $ETH price in the past 24 hours.
👉 More… https://t.co/PLbl1yXo8m pic.twitter.com/RA791tBkEw
The incident highlights the evolving challenges in securing decentralized platforms and the imperative for continuous vigilance within the cryptocurrency ecosystem.
In a meticulously planned move, cybercriminals seized the opportunity to steal approximately $81.6 million from the Orbit Chain platform just hours before the new year.
Engaging in a strategic exchange, they converted 30 million USDT and 230.9 WBTC into 17,250 ETH at an average price of $2,301, resulting in a conversion valued at $39.7 million.
This maneuver enabled the Orbit Chain Hacker, attackers, to capitalize on the rising ETH prices, amplifying their illicit gains.
Following the breach, Orbit Chain confirmed an unidentified security breach in Orbit Bridge, a cross-chain bridging service within the South Korean-based multi-asset blockchain.
Responding swiftly to the compromise, the project suspended the cross-chain bridge contract and initiated on-chain negotiations with the Orbit Chain Hacker attackers.
These unfolding events, reported by Beosin Alert, an on-chain analytics platform, highlight the dynamic challenges and adaptive responses necessary to address risks within the cryptocurrency ecosystem.
Orbit Chain Hacker: Early Warnings and Ongoing Investigations
Concerns about a potential exploit surfaced when a pseudonymous Twitter user, Kgjr, sounded the alarm on December 31, noting significant outflows from the Orbit Chain Bridge protocol.
Following this revelation, Arkham Intelligence, a blockchain analytics platform, launched subsequent investigations.
Their findings exposed five separate transactions orchestrated by the hackers, involving the transfer of various assets to new wallets.
Orbit Chain, recognized for facilitating cross-chain transfers between decentralized networks, particularly EVM-compatible networks, and Klaytn, is now contending with the aftermath of this high-profile breach. The protocol, deeply integrated with the Klaytn network, faced a substantial loss as eight of the largest assets on Klaytn were wrapped assets on the Orbit Bridge.
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