Orbit Chain Hackers Make Additional $1.45 Million After Exchanging Stolen Funds into ETH

Table of Contents

• Key Takeaways
• What Happened?
• Implications

Key Takeaways

Hackers exploited a vulnerability in Orbit Chain’s cross-chain bridge to steal $81.6 million worth of stablecoins and wrapped BTC. They then immediately converted the funds into ETH, capitalizing on a 4.7% rise in the Ether price over the next 24 hours. The attack highlights risks associated with cross-chain bridges and the need for enhanced security measures.

What Happened?

According to blockchain analytics platforms Arkham Intelligence and Beosin Alert, attackers stole 30 million USDT and 230.9 WBTC (worth $81.6 million) from Orbit Chain’s cross-chain bridge, Orbit Bridge. They then converted those assets into 17,250 ETH worth $39.7 million at an average price of $2,301 per ETH.

Over the next 24 hours, as the Ether price increased by 4.7%, the hackers effectively made an additional $1.45 million, bringing their total gains to over $83 million. The hack was first noticed by a Twitter user on December 31.

Implications

Orbit Chain confirmed unauthorized access to Orbit Bridge and suspended the associated smart contract. The hack highlights risks associated with cross-chain bridges and the need for more robust security measures. The Klaytn network, which Orbit Chain integrates with, also suffered losses as many of its large wrapped assets used Orbit Bridge.

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