Orbit Chain hacker moves $48 million online via Tornado Cash

The hacker behind the theft of $48 million from Orbit Bridge has returned to the scene with the intention of transferring the funds using Tornado Cash. Incidentally, the figure hacked has now reached the value of $121 million, having passed a substantially long period. 

For those who are unfamiliar, Orbit Bridge serves as a bridging solution for the Orbit Chain cross-chain protocol.

According to Akham Intelligence, the hacker has re-emerged to shift the loot to the Ethereum-oriented mixing solution, Tornado Cash. 

On-chain data revealed that the hacker moved almost 13,000 ether worth $50 million to a new wallet before using Tornado Cash  to conceal the movement. Presently, the hacker has in his possession $71 million worth of ether and DAI stablecoins. 

Although the hacker’s re-entry remains somewhat mysterious, it is believed that Orbit Bridge’s plan to relaunch a portion of its bridging business is the cause.

On its part, the Orbit Bridge team is engaging with the concerned officials to come up with a viable solution to the entire situation. 

Meanwhile, the protocol maintains its stance, asserting that neither the Orbit Bridge smart contract nor the siphoning of a validator key contributed to the hacking.

In fact, the company appears to be pointing its fingers at the former chief information officer for initiating the hack.

The crypto space is known to have suffered losses to the tune of $336 million through hacks in the first quarter of this year itself, a situation that is searching for immediate remedies and a wholesome solution.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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