Orbit Chain Hacker Swaps Stolen USDT for ETH, Rakes in $1.45 Million Profits

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The attackers behind the latest Orbit Chain exploit efficiently transformed their ill-gotten good points into Ethereum (ETH), amassing a further $1.45 million in unrealized income amidst a 4.7% surge in ETH costs over the previous 24 hours.

The cybercriminals, answerable for the theft of approximately $81.6 million from the Orbit Chain platform simply hours earlier than the brand new 12 months, exchanged 30 million USDT and 230.9 WBTC for 17,250 ETH at a mean worth of $2,301. The conversion, valued at $39.7 million, allowed the attackers to capitalize on the upward momentum in ETH costs.

Orbit Chain later confirmed an unidentified access to Orbit Bridge, a cross-chain bridging service of the South Korean-based multi-asset blockchain. Following the breach, the mission swiftly suspended the cross-chain bridge contract and engaged in on-chain negotiations with the attackers, as reported by Beosin Alert, an on-chain analytics platform.

Considerations a couple of potential exploit have been initially raised by a pseudonymous Twitter consumer, Kgjr, on December 31. The consumer highlighted vital outflows from the Orbit Chain Bridge protocol. Subsequent investigations by blockchain analytics platform Arkham Intelligence revealed that the hackers orchestrated 5 separate transactions, transferring numerous belongings to new wallets.

Orbit Chain, famend for facilitating cross-chain transfers between decentralized networks, significantly EVM-compatible networks and Klaytn, now faces the aftermath of this high-profile breach. The protocol, deeply built-in with the Klaytn community, skilled a considerable loss as eight of the biggest belongings on Klaytn have been wrapped belongings on the Orbit Bridge.

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