The perpetrators behind the recent Orbit Chain exploit have successfully converted their unlawfully obtained gains into Ethereum (ETH), accruing an additional $1.45 million in unrealized profits during a 4.7% surge in ETH prices over the past 24 hours.
These cybercriminals, responsible for pilfering approximately $81.6 million from the Orbit Chain platform just hours before the new year, executed the exchange of 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 take advantage of the upward momentum in ETH prices.
Orbit Chain has officially confirmed an unauthorized access to Orbit Bridge, its cross-chain bridging service within the South Korean-based multi-asset blockchain. In response to the breach, the project promptly suspended the cross-chain bridge contract and initiated on-chain negotiations with the attackers, according to Beosin Alert, an on-chain analytics platform.
The first signals of a potential exploit were raised by a pseudonymous Twitter user, Kgjr, on December 31, who pointed out significant outflows from the Orbit Chain Bridge protocol. Subsequent investigations by the blockchain analytics platform Arkham Intelligence unveiled that the hackers orchestrated five separate transactions, transferring various assets to new wallets.
Known for its role in facilitating cross-chain transfers between decentralized networks, especially EVM-compatible networks and Klaytn, Orbit Chain now grapples 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.
