Markets News Report
January 02, 2024

Orbit Bridge Loses Nearly $82 Million in Crypto Hack, Plans to Track Down Hackers

In Brief

Orbit Bridge fell victim to a major hack, resulting in the unauthorized outflow of $81.5 million across various cryptocurrencies.

Orbit Bridge Loses Nearly $82 Million in Crypto Hack, Plans to Track Down Hackers

Orbit Bridge — the bridging service of the cross-chain protocol Orbit Chain, fell victim to a major hack, resulting in the unauthorized outflow of $81.5 million across various cryptocurrencies.

The breach was first brought to light by a user Kgjr, who spotted unusual activity and raised the alarm on social media platform X (formerly Twitter).

According to several crypto experts, the attack unfolded in five discreet transactions, each funneling funds into fresh wallets. The stolen assets include $30 million in USDT, $10 million in USDC, 9500 ETH valued at $22 million, 231 WBTC worth $10 million, and $10 million in DAI — signifying precision of the breach.

In response to emerging reports on the Orbit Bridge hack, Orbit Chain promptly confirmed the incident on social media platform X. The company is actively collaborating with law enforcement officials to address and resolve the issue, as stated in their official update.

On January 1, 2024, it said, “The Orbit Chain team has requested major global cryptocurrency exchanges to freeze stolen assets.”

At this point of writing this copy, the team updated, “As of now, the stolen assets remain unmoved. Our team is constantly monitoring the stolen asset, and we promise to inform the community once the address associated with the stolen asset has taken action.”

Developers at Orbit Chain are actively engaging with hackers through an on-chain message, even as they negotiate compensation for affected users.

To further compound the situation, malicious actors have seized the opportunity to spread fake links, claiming to provide compensation. In response, Orbit Chain has cautioned users against falling victim to these deceptive tactics. The hack marks a notable event as the last major crypto breach of 2023 or the first of 2024, depending on the time zone.

The incident contributes to the growing trend of crypto hacks, with approximately $1.7 billion drained from various projects in November 2023 alone. Notably, this hack ranks as the ninth-highest targeting a cross-chain bridge in the past three years, according to blockchain security firm PeckShield.

The company has reassured users that it is diligently working to track down and recover the stolen funds, emphasizing its commitment to resolving the matter with the assistance of law enforcement agencies.

Adding to the challenges faced by the crypto industry, security concerns continue to be a critical issue. The total losses due to hacks, scams and exploits throughout 2023 are estimated to range between $1.51 billion and $2 billion, with security firms highlighting the vulnerability of the ecosystem. Such attacks also pave the way for the industry to remain vigilant and fortify its defenses against malicious actors.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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