Cross-chain scalability protocol Orbit Chain suffered the last major exploit in 2023, with millions of dollars lost from multiple blockchains.
Read more on: https://thecryptobasic.com/2024/01/01/scam-alert-orbit-chain-becomes-last-exploited-defi-protocol-of-2023/
#OrbitChain #OrbitChainHack #cryptocreep #CryptonewswithJack #CryptoNews🔒📰🚫

At the outset of the new year, a significant security incident occurred when the bridging service Orbit Chain recorded a cyber attack resulting in the theft of financial assets amounting to $81.7 million.
Hackers Managed to Infiltrate Orbit Bridge
Hackers successfully exploited Orbit Bridge, a key component of the cross-chain communication protocol #Orbit Chain, with reports of the $82 million theft surfacing just three hours before the official arrival of the new year.
 

 
Early Warning of Unauthorized Transactions
An alert came on December 31st via platform X (formerly Twitter), where pseudonymous user Kgjr signaled potential misuse. This user pointed out a series of unusually large withdrawals from the #OrbitChain Bridge. Additional details were provided by online detective Officer CIA and blockchain security firm Cyvers.
 Amount Obtained by Hackers According to Arkham Intelligence
Data from the analytical service Arkham Intelligence indicate that the total amount of funds illegally obtained by hackers is approximately $81.68 million.
 

 
Orbit Chain's Connection with Klaytn
Orbit Chain is closely linked to the #Klaytn (KLAY) blockchain network, which is a modular first-layer blockchain. The eight main assets in the Klaytn network, which constitute the largest market capitalization, are integrated via Orbit Bridge.
 Still Unknown Mechanism of Exploit
Details of the exploit remain unclear. The outlet Cointelegraph attempted to obtain a statement from both Orbit Chain and Klaytn but did not receive an immediate response.
 Background of Orbit Chain
Orbit Chain, established in South Korea in 2018, is a multi-asset blockchain specializing in cross-chain transfers between various decentralized blockchains. It primarily serves for transferring assets between EVM-compatible networks and Klaytn.
Not to Be Confused with Orbiter Finance
👉It's important to note that Orbit Chain is a separate entity from another cross-chain bridging protocol called #OrbiterFinance , which shares a similarly sounding name.
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The cross-chain bridge of Orbit Chain was compromised by an exploit, which led to the loss of Tether, DAI, USDC, wBTC, and ETH with a combined value of around $81.4 million.
The vulnerability was exploited by the exploiter, who then transferred funds to a new wallet.
A weakness in the bridge or a hack in the centralized server was discovered as the primary reason by the blockchain security company SlowMist which was responsible for the investigation.
It has been revealed that a hack occurred on Orbit Bridge, which is a protocol for interchain communication that is utilized for asset conversion. A total of around $81.4 million worth of cryptocurrency were stolen from the system.
The Orbit Bridge was struck by a number of significant discharges.
An vulnerability that was worth $81.4 million was apparently used by hackers to ring in the New Year with Orbit Bridge. A number of significant outflows were discovered by the blockchain security company SlowMist and the on-chain intelligence service LookOnChain. These outflows were encountered via the cross-chain protocol.
According to the latter, the Orbit Bridge was responsible for the transfer of 30 million Tether (USDT), 10 million DAI, 10 million USDCoin (USDC), 231 wBTC (worth over $10 million), and 9,500 ETH (worth around $21.5 million) in five distinct transactions.

After doing a preliminary examination from the outside, SlowMist came to the conclusion that either the centralized server has been compromised or there is a potential vulnerability in the Orbit Chain bridge. A further in-depth investigation is currently being carried out by the company in order to obtain additional information on the attack.
The hacking of Orbit Chain has been confirmed.
Orbit Chain reported the hack on its protocol in a tweet that was published not too long ago on X. The tweet described the breach as a "unidentified access" to the bridge. A comprehensive investigation into the underlying cause of the assault is currently being carried out by the company, which has said that it is actively collaborating with law enforcement authorities in order to identify the perpetrator of the incident.
#hack #OrbitChain