Orbit Chain, a cross-chain bridge, confirmed a significant security breach on December 31, 2023, resulting in substantial financial losses. The breach occurred at 8:52 pm UTC, and Orbit Chain is actively engaging with cybersecurity firm Theori and international law enforcement to analyze the incident.
Blockchain analytics platform Arkham Intelligence reported losses amounting to approximately $81.68 million in various cryptocurrencies, including Tether (USDT), USD Coin (USDC), Ether (ETH), Wrapped Bitcoin (WBTC), and Dai (DAI). Amidst this turmoil, Orbit Chain cautioned users against scam repayment offers appearing on social media.
The platform, launched in 2018 in South Korea, facilitates cross-chain transactions between decentralized networks. This hack is part of a broader trend observed in 2023, where Web3 hackers and scammers caused losses of $1.8 billion, with North Korean hackers Lazarus Group accounting for 17% of this amount.
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.
