In a cunning move, the perpetrators behind the recent Orbit Chain exploit have successfully transformed their acquired assets into Ethereum (ETH), raking in an additional $1.45 million in unrealized profits amid a 4.7% surge in ETH prices over the last 24 hours.
The malicious actors, responsible for siphoning off approximately $81.6 million from the Orbit Chain platform just hours before the new year, executed a strategic move by exchanging 30 million USDT and 230.9 WBTC for 17,250 ETH at an average price of $2,301. This conversion, valued at $39.7 million, allowed the attackers to capitalize on the upward momentum in ETH prices.
Following the exploit, Orbit Chain confirmed an unidentified breach in Orbit Bridge, its cross-chain bridging service integrated with the South Korean-based multi-asset blockchain. Swiftly responding to the security breach, the project temporarily suspended the cross-chain bridge contract and initiated on-chain negotiations with the attackers, as reported by Beosin Alert, a reputable on-chain analytics platform.
Initial concerns about a potential exploit were raised by a pseudonymous Twitter user, Kgjr, on December 31, who highlighted significant outflows from the Orbit Chain Bridge protocol. Subsequent investigations conducted by the blockchain analytics platform Arkham Intelligence unveiled that the hackers orchestrated five separate transactions, transferring various assets to new wallets.
Orbit Chain, recognized for facilitating cross-chain transfers between decentralized networks, specifically EVM-compatible networks and Klaytn, is now grappling with the aftermath of this high-profile breach. The protocol, deeply integrated with the Klaytn network, suffered a substantial loss as eight of the largest assets on Klaytn were wrapped assets on the Orbit Bridge.
As the crypto community scrutinizes the implications of this sophisticated attack, the conversion of stolen funds into Ethereum highlights the adaptability and strategic prowess of cybercriminals. Investors and blockchain enthusiasts are urged to stay vigilant as security measures are re-evaluated and enhanced to thwart potential future exploits. Stay tuned for further updates on this evolving situation in the crypto space.
