Orbit Bridge Strikes a New Year Nightmare as It Suffers a Staggering $82 Million Hack
Title: Hackers Execute $81.7 Million Heist on Orbit Chain’s Bridging Service
Introduction:
As the world welcomed the new year, hackers pulled off an audacious exploit, stealing a whopping $81.7 million from Orbit Chain’s bridging service, Orbit Bridge. This shocking breach, which occurred just hours before the New Year’s celebrations, has raised concerns about security in the cryptocurrency landscape.
Understanding the Breach:
On December 31st, an anonymous Twitter user alerted authorities to a potential exploit, highlighting significant outflows from the Orbit Chain Bridge protocol. This concern was later confirmed by blockchain investigator Officer CIA and cybersecurity firm Cyvers.
The Scope of the Heist:
According to respected blockchain analytics platform Arkham Intelligence, the cyber attackers successfully siphoned off an astonishing $81.68 million. In response, Orbit Bridge has initiated a compensation process for its user community, urging everyone to review their dashboard settings. It’s important to note that all Orbit users will receive compensation.
A Detailed Analysis of the Attack:
Officer CIA’s initial findings suggest that the hacker compromised seven out of ten multi-signature signatories. The illicit operation began with a $10 ETH transfer from TornadoCash, a well-known currency-mixing service favored by cybercriminals. This initial amount was then carefully funneled through an intermediary address via five separate transactions.
The stolen funds consisted of various cryptocurrencies, including $30 million in Tether (USDT), $10 million in USD Coin (USDC), $21.7 million in Ether (ETH), $9.8 million in Wrapped Bitcoin (WBTC), and a final tranche of $10 million in the algorithmic stablecoin DAI.
Klaytn Network’s Involvement:
Orbit Chain’s operations are closely intertwined with the Klaytn network (KLAY), a crucial layer-1 blockchain. Data from Klaytn’s block explorer reveals that eight of its top assets, based on market capitalization, are integrated within the Orbit Bridge. This interconnectedness amplifies the impact of the breach across multiple platforms.
Despite ongoing investigations, specific details about the exploit remain shrouded in secrecy, leaving the cryptocurrency community on high alert.
Orbit Chain: An Overview:
Established in South Korea in 2018, Orbit Chain is a versatile multi-asset blockchain that specializes in cross-chain transfers across decentralized networks. Its main objective is to facilitate seamless asset movements between EVM-compatible networks and Klaytn.
Conclusion:
As the investigation unfolds, this security breach serves as a stark reminder of the vulnerabilities within the decentralized ecosystem. Orbit Chain is currently in communication with the hacker, and updates will be provided in due course.
Read More:
For more information on the biggest crypto security breaches, check out our research report on the top crypto hacks of 2023.
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