Crypto Heist Heats Up: Orbit Chain Hackers On The Move With $48 Million

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Cryptocurrency investors are alarmed as funds stolen in the December Orbit Chain heist have reemerged after months of inactivity. The funds, now totaling $121 million due to market changes, are being laundered through Tornado Cash, making them difficult to trace. Nearly $50 million worth of Ethereum was recently moved to a new wallet and processed through this anonymizing service. The hacker's motives remain unclear, though it may be linked to recent activities on the Orbit Chain network. Orbit Chain has not provided much information, leaving investors in the dark.

This incident highlights the vulnerabilities of DeFi platforms, which are increasingly targeted by hackers. In the first quarter of 2024, $540 million in cryptocurrency was stolen, a 42% increase from the previous year, with DeFi being the primary target. This underscores significant security weaknesses in decentralized exchanges compared to centralized ones.

URL:
https://bitcoinist.com/orbit-chain-hackers-on-the-move-with-48-million/