On December 31, 2023 [2], Orbit Chain [1] [2] [3], a cross-chain bridge project [2], fell victim to a cyber-attack resulting in the theft of over $80 million worth of cryptocurrency. This incident has had significant repercussions for the company and its users.
Description
The attack was confirmed by the protocol on January 1, 2024 [3], with the hacker gaining unauthorized access to the decentralized cross-chain [3]. The stolen assets included 26,7416 Ether and 15,498,358 DAI. The hacker proceeded to send $50 million in various assets to new wallet addresses through multiple transactions, including stablecoins [3], wBTC [3], and ETH [1] [3]. The majority of the stolen assets were then consolidated into ETH [3]. Currently, the hacker’s wallets hold $64 million in ETH [3], along with significant amounts of other cryptocurrencies [3].
Orbit Chain has taken immediate action to address the situation. The company has assured its users that the stolen assets remain untouched and has requested major cryptocurrency exchanges to freeze the stolen assets [3]. Additionally, Orbit Chain is actively collaborating with global security experts, including cybersecurity startup Theori [3], to track down the stolen funds [2]. Users are advised to refer to the official Orbit Chain page for updates and to be cautious of reimbursement scams.
Conclusion
The recent cyber-attack on Orbit Chain has resulted in the theft of approximately $81,6 million in cryptocurrency [1]. The attackers were able to convert their stolen funds into Ethereum (ETH), earning an additional $1,45 million in profits due to a surge in ETH prices [1]. This incident has not only caused significant financial losses for Orbit Chain but also raises concerns about the security of cross-chain bridging services. It is crucial for companies in the cryptocurrency industry to prioritize robust security measures to prevent such attacks in the future.
References
[1] https://cryptonews.com/news/orbit-chain-hacker-swaps-stolen-usdt-for-eth-rakes-in-1-45-million-profits.htm
[2] https://www.infosecurity-magazine.com/news/crypto-stolen-cyber-attack-orbit/
[3] https://coinnews.com/news/cryptocurrency/orbit-chain-loses-over-81m-in-a-hefty-exploit
