New Year Nightmare: Orbit Bridge Hit with Massive $82 Million Hack!

As the world bid farewell to 2023, hackers made a grand entrance into the new year by executing a massive $81.7 million exploit on Orbit Chain’s bridging service, Orbit Bridge. This alarming breach, which took place mere hours before the New Year’s festivities, has cast a shadow of uncertainty over the cryptocurrency landscape.

Understanding the Breach

On December 31st, an anonymous Twitter user raised the alarm about a potential exploit pointing to significant outflows from the Orbit Chain Bridge protocol. Blockchain sleuth Officer CIA and cybersecurity firm Cyvers echoed this concern and confirmed the hack.

The Scope of the Heist

According to Arkham Intelligence, a respected blockchain analytics platform, the cyber perpetrators successfully extracted a staggering $81.68 million. In response, Orbit Bridge has initiated a compensation process for its user community, urging everyone to review their dashboard settings.

It’s worth noting that every Orbit user stands to receive compensation.

A Detailed Analysis of the Attack

Officer CIA’s preliminary findings indicate a high likelihood that the hacker compromised seven of the ten multi-signature signatories. The illicit operation commenced with a 10 $ETH transfer from TornadoCash, a well-known currency-mixing service utilized by cybercriminals. This initial sum was then meticulously channeled through an intermediary address via five distinct transactions.

The loot included various cryptocurrencies: $30 million in Tether (USDT), $10 million in USD Coin (USDC), $21.7 million in Ether (ETH), $9.8 million in Wrapped Bitcoin (WBTC), and a final $10 million tranche of the algorithmic stablecoin DAI.

Klaytn Network’s Involvement

Orbit Chain’s operations are intricately linked with the Klaytn network (KLAY), a pivotal layer-1 blockchain. Insights from Klaytn’s block explorer indicate that eight of its top assets, by market capitalization, are integrated within the Orbit Bridge. This interconnectedness magnifies the breach’s repercussions across multiple platforms.

Despite extensive investigations, the specific details surrounding the exploit remain veiled in secrecy, leaving the cryptocurrency community in a state of heightened vigilance.

Orbit Chain: An Overview

Founded in South Korea in 2018, Orbit Chain serves as a versatile multi-asset blockchain, specializing in cross-chain transfers across decentralized networks. Its primary objective is to facilitate seamless asset movements between EVM-compatible networks and Klaytn.

As the investigative process unfolds, the cryptocurrency industry confronts yet another sobering security breach, highlighting the ongoing vulnerabilities within the decentralized ecosystem. At present, the Orbit team is in communication with the hacker. Stay tuned for more updates!

Read More: Top Crypto Hacks of 2023: Analyzing the Biggest Crypto Security Breaches – Research Report