Orbit Chain's Breach Amplifies December Crypto Theft to $100 Million; Yearly Crypto Losses Surpass $1.5 Billion
Summary:
The recent attack on Orbit Chain’s cross-chain bridge amplified December's crypto theft to nearly $100 million. The hack, which saw $81.5 million stolen, made December 2023 the fifth-highest month for hacks. Overall, 2023 witnessed significant cryptocurrency losses ranging between $1.51 billion and $2 billion due to attacks and frauds. Notably, attacks and frauds have decreased considerably when compared to 2022, which saw losses totaling roughly $4.38 billion.
The Orbit Chain’s cross-chain bridge's recent incursion has amplified the volume of pilfered crypto for December, reaching nearly a whopping $100 million, as revealed by blockchain security establishments. On the dawn of the New Year, PeckShield, a blockchain security entity, disclosed that the breach of Orbit Bridge's cross-chain, accounting for $81.5 million, made December the fifth most intense hacking month in 2023. The same breach also made it to the top ten, ranking as the ninth most significant targeting a cross-chain bridge over the course of the last triennium. As revealed by PeckShieldAlert, the deceptive hackers looted approximately $99.3 million through more than 36 strikes in December. On New Year's Eve, the Cross-chain OrbitBridge underwent an $81.5 million exploitation, charting it as the ninth premier hacking operation against a cross-chain bridge in the precedent three years.
Orbit Bridge serves as the linkage aid for the Orbit Chain’s cross-chain protocol, which commenced its operations in South Korea back in 2018. On the last day of the year, it confirmed an unauthorized infringement within its ecosystem. On New Year's Day, the Orbit Chain crew publicized their appeal to leading global cryptocurrency exchanges to immobilize the siphoned off assets. The crew is closely communicating with law enforcement agencies and making rigorous efforts to locate and freeze the stolen wealth. In terms of overall crypto losses in 2023 due to thefts, swindles, and exploitations, the figures oscillate between $1.51 billion and $2 billion as per the approximations given by blockchain security firms PeckShield, CertiK, and Beosin. Notably, September and November proved to be particularly catastrophic, with PeckShield data showing a massive loss of over $700 million during this period.
In addition to this, September saw Mixin Network losing $200 million whereas the grandest exploitations of November were witnessed on Poloniex and HTX/Heco Bridge, with losses amounting to $131.4 million and $113.3 million, respectively. Some other significant hacking incidents throughout the year include Euler Finance being exploited for $197 million in March and Multichain undergoing a hacking operation worth $125 million in July. Although a report by Blockchain security company Beosin has underlined a notable slump in thefts, phishing swindles, and rug pulls as compared to 2022, marking a reduction from nearly $4.38 billion. The most substantial decrement was noticed in losses from hacking, with figures dropping from $3.6 billion in 2022 to $1.4 billion in 2023, signifying a decrease of approximately 61.2%.
Published At
1/2/2024 8:44:05 AM
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