Orbit Chain Suffers $81.68 Million Crypto Breach; Warns Users Against Scam Offers
Summary:
Orbit Chain, a cross-chain bridge, experienced an unauthorized breach on December 31, leading to an approximated loss of $81.68 million in various cryptocurrencies. The company is currently investigating the origin of the attack alongside cybersecurity firm Theori and is engaging with international law enforcement agencies. They have also warned users against fake compensation offers circulating on social media. While users seek answers and transaction rectifications, Orbit Chain has yet to respond publicly.
Orbit Chain, a cross-chain bridge, has publically declared that it fell victim to an unauthorized intrusion into its network at 08:52 PM +UTC on December 31, according to their announcement on social media. Orbit Chain communicated via the platform known formerly as Twitter, revealing it currently pursues a methodical review of the infiltration's origins in tandem with Theori, an aggressive cybersecurity firm.
Orbit Chain is also actively collaborating with global law enforcement bodies. Arkham Intelligence, a blockchain analytics platform, has indicated a loss approximating $81.68 million within diverse cryptocurrencies such as Tether (USDT), USD Coin (USDC), Ether (ETH), Wrapped Bitcoin (WBTC) and also the algorithmic stablecoin DAI (DAI). Orbit cautioned its users to be wary of counterfeit compensation offers beginning to spread on social media from accounts with similar aliases.
On social media, Orbit users have gradually started contacting the platform pleading for transaction cancellations and fund return. One participant publicly stated their transaction was awaiting approval.
Additional users expressed their confusion and apprehension, given the delay in validator responses, notifying that there were no replies forthcoming. Orbit Chain has to date not published any public responses to these user queries.
Orbit Chain initiated its journey as a multi-asset blockchain facilitating cross-chain dealings between decentralized networks in South Korea back in 2018. It typically serves to transfer assets between EMV-compatible networks and Klaytn.
According to the annual report from the blockchain security firm Immunefi, Web3 hackers and fraudsters were accountable for the disappearance of $1.8 billion in 2023. Among the culprits, North Korean nefarious agents, the Lazarus Group, were attributed to causing 17% of this loss. Meanwhile, Mixin Networks, a peer-to-peer trading platform, marked the largest exploit of the year, suffering a staggering loss of over $200 million.
Published At
1/1/2024 2:30:52 PM
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