Orbit Chain, a cross-chain bridge, has confirmed an unauthorized access breach to its ecosystem on December 31 at 8:52 pm UTC. In a post on X (formerly Twitter), Orbit Chain stated that it is currently undergoing a thorough analysis of the breach’s cause in collaboration with cybersecurity startup Theori. The company also mentioned its active engagement with international law enforcement agencies.
As reported by blockchain analytics platform Arkham Intelligence, the losses amounted to approximately $81.68 million in various cryptocurrencies, including Tether (USDT), USD Coin (USDC), Ether (ETH), Wrapped Bitcoin (WBTC), and Dai (DAI).
Orbit Chain cautioned users against falling for scam reimbursement offers circulating on social media under accounts with similar names. Users have started reaching out to the platform on social media, seeking transaction cancellations and fund reimbursements. Some users expressed confusion and impatience, stating that their transactions are still pending validation, and requests for assistance are going unanswered. Orbit Chain has not publicly responded to these user inquiries.
Established 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 transferring assets between Ethereum Virtual Machine-compatible networks and Klaytn.
According to an end-of-the-year report by blockchain security platform Immunefi, Web3 hackers and scammers caused a total loss of $1.8 billion in 2023. Notably, 17% of this amount was attributed to the Lazarus Group, North Korean hackers. The largest exploit of the year targeted the peer-to-peer trading platform Mixin Network, resulting in over $200 million in losses.
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