News Report Technology
January 09, 2024

Orbit Chain Warns Hackers of Legal Action, Negotiation Deadline Set for January 11

Orbit Chain Warns Hackers of Legal Action, Negotiation Deadline Set for January 11

Today, Orbit Chain made a public announcement, revealing that negotiations with the attackers are ongoing. The attackers have been given a final deadline for negotiations, set by the Orbit Chain Team at 2:30 PM (UTC+9). The platform has stated that all communications, including bug bounty programs, will cease after 10:00 AM (UTC+9) on January 11, 2024.

Should the attackers fail to respond or reject the offer, Orbit Chain plans to open the bounty to the public, seeking assistance from contributors worldwide to track down the perpetrators.

“All communications based on standard protocols, including bug bounty will terminate after 10:00 AM(UTC+9) on 11th January 2024,” said Orbit Chain on social media platform X.

“If the attackers do not respond or reject the offer, the Orbit Chain Team will open the bounty to the public and continue tracking down the attackers with the active support from all contributors around the world.”

However, it is crucial to note that negotiations will terminate immediately if it is found that North Korea or any related organization is responsible for the exploit.

“However, needless to say, the negotiation will terminate immediately if DPRK or its related organization is found to be responsible for the exploit,” the company said.

Additionally, the team mentioned that it is committed to utilizing every available resource to track the attackers until the end and prevent any attempts to withdraw the stolen assets. Expressing gratitude to the Web3 ecosystem community for their unwavering support, the team reassures users that efforts are ongoing to mitigate the impact of this unprecedented security breach.

What We Know So Far About the Attack?

Blockchain platform Orbit Chain on 1 January 2024 fell victim to a sophisticated security breach, resulting in a loss of $86 million in various cryptocurrencies, including Ether, Dai, Tether, and USD Coin. The breach has raised concerns about the platform’s security infrastructure and the safety of user assets.

The breach was initially detected by the blockchain intelligence platform Arkham, which reported a swift and drastic reduction in Orbit Chain’s balance from $115 million to a mere $29 million.

However, Orbit Chain responded swiftly, collaborating with the Korean National Police Agency and Korea’s Internet and Security Agency (KISA), which specializes in handling North Korean threats. To recover the stolen user assets from Orbit Bridge, Orbit Chain took the step of freezing all assets held by the Orbit Bridge team.

While the identity and origin of the attackers have yet to be determined, unsettling signs are pointing to sophisticated state-sponsored hackers believed to be based in North Korea. The attack bears similarities to previous cyber operations attributed to North Korean hacking groups, such as Lazarus, who have been implicated in various cryptocurrency-related incidents throughout 2023.

As the situation unfolds, the broader cryptocurrency community will be closely watching to understand the implications of this high-profile attack on the industry’s security landscape.

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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