As the world welcomed 2024, the cryptocurrency realm faced a significant setback with cybercriminals making off with over $82 million from Orbit Chain. The theft, executed via Orbit Bridge, a key bridging service of the protocol, occurred just hours before the New Year. Orbit Chain confirmed the incident and is collaborating with web3 auditing firm Theori and international law enforcement to investigate the breach.
The attack, precisely dated December 31, 2023, at 08:52:47 PM UTC, saw the loss of approximately $81.5 million in various cryptocurrencies through five separate transactions. Blockchain security company PeckShield Inc. undertook a preliminary investigation to assess the damage.
Further investigations by SlowMist and Arkham Intelligence indicated a potential security compromise within the Orbit Chain bridge or a centralized server, with the stolen amount totaling $81.68 million. Introduced in South Korea in 2018, Orbit Chain facilitates cross-chain transactions and has strong ties with the Klaytn blockchain. Klaytn has pledged to provide regular updates and is working closely with Ozys, Orbit Chain's main bridge supplier, to address the issue.
The breach was initially detected by an anonymous online user, leading to further revelations by blockchain analysts. This incident adds to a troubling trend in 2023, where SlowMist reported over $2.4 billion lost across 462 hacks. Orbit Chain has announced a user compensation plan, requiring affected users to undergo a verification process to determine their eligibility for refunds
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.