A large-scale theft of cryptocurrencies on the eve of 2024 is causing alarm in the crypto community.
Unknown hackers broke into Orbit Bridge, the service of bridges between the chains of the Orbit Chain protocol, stealing a total of $ 82 million in three hours before the new year.
In a December 31 post on X, pseudonymous user Kgjr drew attention to possible exploits of the vulnerability, pointing to a number of large outflows from the Orbit Chain Bridge protocol. Similar information was published by online investigator Officer CIA and blockchain security firm Cyvers.
According to data from the blockchain analytics platform Arkham Intelligence, hackers managed to steal a total of $ 81.68 million.
In five separate transactions, $ 30 million in Tether (USDT), $ 10 million in USD Coin (USDC), $ 9,500 in Ether (ETH), $ 231 wrapped Bitcoin (WBTC), and $ 10 million in algorithmic stablecoin DAI were transferred to new wallets.
In a recent tweet on X, Orbit Chain confirmed the hack of its protocol and called it an "unidentified access" to the bridge. The firm noted that it actively interacts with law enforcement agencies to identify the attacker and conducts an in-depth analysis of the main cause of the attack.
It is assumed that the Orbit Chain protocol has a strong connection with the Klaytn network (KLAY) - a modular first-level block chain. According to Block Explorer, the eight largest Klaytn network assets by total market capitalization are wrapped assets on Orbit Bridge.
Orbit Chain, launched in South Korea in 2018, is a multi-asset blockchain primarily focused on cross-chain transfers between different decentralized networks. It is typically used to transfer assets between EVM-compatible networks and Klaytn.
It is important to note that the Orbit Chain is a separate entity that is not associated with the Orbiter Finance cross-chain bridge protocol, despite the similarity of names.
The nature of the vulnerability is still unknown.
Unknown hackers broke into Orbit Bridge, the service of bridges between the chains of the Orbit Chain protocol, stealing a total of $ 82 million in three hours before the new year.
In a December 31 post on X, pseudonymous user Kgjr drew attention to possible exploits of the vulnerability, pointing to a number of large outflows from the Orbit Chain Bridge protocol. Similar information was published by online investigator Officer CIA and blockchain security firm Cyvers.
According to data from the blockchain analytics platform Arkham Intelligence, hackers managed to steal a total of $ 81.68 million.
In five separate transactions, $ 30 million in Tether (USDT), $ 10 million in USD Coin (USDC), $ 9,500 in Ether (ETH), $ 231 wrapped Bitcoin (WBTC), and $ 10 million in algorithmic stablecoin DAI were transferred to new wallets.
In a recent tweet on X, Orbit Chain confirmed the hack of its protocol and called it an "unidentified access" to the bridge. The firm noted that it actively interacts with law enforcement agencies to identify the attacker and conducts an in-depth analysis of the main cause of the attack.
It is assumed that the Orbit Chain protocol has a strong connection with the Klaytn network (KLAY) - a modular first-level block chain. According to Block Explorer, the eight largest Klaytn network assets by total market capitalization are wrapped assets on Orbit Bridge.
Orbit Chain, launched in South Korea in 2018, is a multi-asset blockchain primarily focused on cross-chain transfers between different decentralized networks. It is typically used to transfer assets between EVM-compatible networks and Klaytn.
It is important to note that the Orbit Chain is a separate entity that is not associated with the Orbiter Finance cross-chain bridge protocol, despite the similarity of names.
The nature of the vulnerability is still unknown.
