Orbit Chain suffered damage due to unauthorized access.
Orbit Chain, a representative cross-chain bridge, Confirmed A serious security breach occurs in the system, resulting in significant cryptocurrency losses. The incident, which occurred at 8:52 PM UTC on December 31, has caused serious concern within the cryptocurrency community.
🚨Urgent🚨
Dear Orbit Bridge users,
Unconfirmed access to Orbit Bridge, a decentralized cross-chain protocol, was confirmed on December 31, 2023 at 8:52:47 PM +UTC.
Additional information regarding this issue will be updated.
— Orbit Chain (@Orbit_Chain) January 1, 2024
Breach investigation and response
Following the breach, Orbit Chain announced through X (formerly Twitter) that it was conducting a thorough investigation to determine the cause. This analysis is being conducted in collaboration with cybersecurity startup Theori. Additionally, Orbit Chain is actively working with international law enforcement agencies to address these situations.
Blockchain analytics firm Arkham Intelligence reported that total losses reached approximately $81.68 million across various cryptocurrencies such as Tether, USD Coin, Ether, Wrapped Bitcoin (WBTC), and Dai.
Orbit Chain’s Warning Against Fraudulent Offers
Following this breach, Orbit Chain issued a warning to users about fraudulent reward offers that began appearing on social media. These offers, which come from accounts with similar names to Orbit Chain, are a deceptive attempt to further exploit the situation.
Community reactions and concerns
Users of the platform began reaching out on social media, with some requesting that their transactions be canceled and their funds returned. One user commented on transactions still awaiting verification, while another expressed confusion and anxiety over the lack of response from verifiers.
Currently Orbit Chain is requested I exchanged my funds to freeze them and tweeted the following information:
The Orbit Chain team also felt that this possibility existed.@tayvano_
Thank you for providing new and updated information. After a thorough review of the claim, an appropriate response plan will be developed. https://t.co/u0rvTAAf5n— Orbit Chain (@Orbit_Chain) January 1, 2024
Orbit Chain’s role in the blockchain ecosystem
Founded in South Korea in 2018, Orbit Chain serves as a multi-asset blockchain that facilitates cross-chain transactions between decentralized networks. It is commonly used for asset transfer between Ethereum Virtual Machine compatible networks and Klaytn.
Web3 security incidents increasing trend
According to a report by blockchain security platform Immunefi, $1.8 billion will be lost to Web3 hackers and fraudsters in 2023. Notably, 17% of these losses were attributed to the North Korean hacker group Lazarus. The largest exploit of the year was against the Mixin Network, which resulted in over $200 million in losses.