Orbit Chain Hackers Convert Stolen USDT to ETH, Earn $1.45 Million in Profits
A group of hackers responsible for the recent breach on Orbit Chain successfully converted their stolen funds into Ethereum (ETH), generating an additional $1.45 million in profits due to a 4.7% surge in ETH prices within the past 24 hours.
According to reports, the attackers managed to swap 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 hackers to take advantage of the rising ETH prices and further increase their gains.
The theft, which occurred just before the new year, saw the cybercriminals steal approximately $81.6 million from the Orbit Chain platform. The breach was made possible through an unidentified access to the platform’s cross-chain bridging service, Orbit Bridge. Orbit Chain promptly suspended the cross-chain bridge contract and engaged in negotiations with the attackers on-chain.
Suspicions about the exploit were initially raised by a Twitter user known as Kgjr, who noticed significant outflows from the Orbit Chain Bridge protocol. Further investigations by blockchain analytics platform Arkham Intelligence uncovered five separate transactions orchestrated by the hackers, involving the transfer of various assets to new wallets.
Orbit Chain, known for its role in facilitating cross-chain transfers between decentralized networks, now faces the consequences of this highly publicized breach. As the protocol is deeply integrated with the Klaytn network, it experienced significant losses, especially since eight of the largest assets on Klaytn were wrapped assets on the Orbit Bridge.
Please note that cryptocurrency investments come with high risks, and this article is informative in nature and does not constitute investment advice.