Orbit Chain Falls Victim to Unauthorized Access
Orbit Chain, a prominent cross-chain bridge, has confirmed a significant security breach in its system, leading to substantial cryptocurrency losses. The incident, which occurred on December 31 at 8:52 pm UTC, has raised serious concerns within the crypto community.
Investigation and Response to the Breach
Following the breach, Orbit Chain took to X (formerly Twitter) to announce that it is undertaking a thorough investigation to determine the cause. This analysis is being conducted in collaboration with cybersecurity startup Theori. Additionally, Orbit Chain is actively cooperating with international law enforcement agencies to address the situation.
Blockchain analytics firm Arkham Intelligence reported that the total losses amounted to approximately $81.68 million, spanning various cryptocurrencies such as Tether, USD Coin, Ether, Wrapped Bitcoin (WBTC), and Dai.
Orbit Chain's Warning Against Scam Offers
In the wake of this breach, Orbit Chain has issued a warning to its users about scam reimbursement offers that have started to appear on social media. These offers, often from accounts with similar names to Orbit Chain, are deceptive attempts to exploit the situation further.
Community Reaction and Concerns
The platform's users have begun reaching out on social media, with some requesting the cancellation of transactions and the return of their funds. One user mentioned a transaction still pending validation, while another expressed confusion and anxiety due to the lack of responses from validators.
As of now, Orbit Chain has requested exchanges to freeze the funds and tweeted the following information:
Orbit Chain's Role in the Blockchain Ecosystem
Founded in 2018 in South Korea, Orbit Chain serves as a multi-asset blockchain facilitating cross-chain transactions between decentralized networks. It is commonly used for asset transfers between Ethereum Virtual Machine-compatible networks and Klaytn.
A Growing Trend of Web3 Security Incidents
According to a report from blockchain security platform Immunefi, the year 2023 saw $1.8 billion lost to Web3 hackers and scammers. Notably, 17% of these losses are attributed to North Korean hacker group Lazarus. The year’s largest exploit was against the Mixin Network, resulting in over $200 million in losses.