Orbit Chain hackers ring in New Year with $81.4 million exploit

Source Fxstreet
  • Orbit Chain cross-chain bridge suffered an exploit resulting in a loss of Tether, DAI, USDC, wBTC and ETH worth nearly $81.4 million. 
  • The exploiter drained the bridge and sent assets to a new wallet. 
  • Blockchain security firm SlowMist identified a vulnerability in the bridge or a compromise in the centralized server as the leading cause. 

Orbit Bridge, an interchain communication protocol used for asset conversion reportedly suffered a hack. The protocol was drained of nearly $81.4 million in cryptocurrencies.

Also read: Vitalik Buterin proposes to solve Ethereum design’s weakness through update

Orbit Bridge hit by a series of large outflows

Orbit Bridge hackers reportedly rung in the New Year with an $81.4 million exploit. The cross-chain protocol suffered a series of large outflows identified by blockchain security firm SlowMist and on-chain intelligence provider LookOnChain. 

The latter reported that in five separate transactions, the Orbit Bridge sent 30 million Tether (USDT), 10 million DAI, 10 million USDCoin (USDC), 231 wBTC (worth nearly $10 million), 9,500 ETH (worth approximately $21.5 million). 

Orbit Bridge

Orbit Bridge drained of assets. Source: Etherscan.io

Crypto influencers and blockchain security experts like @officer_cia confirmed the hack in their recent tweets on X (formerly Twitter). 

SlowMist completed a preliminary external investigation and observed that a vulnerability may exist in the Orbit Chain bridge or the centralized server has been compromised. The firm is conducting a further in-depth investigation to gather more information on the hack.

Orbit Chain confirms hack

In a recent tweet on X, Orbit Chain confirmed the hack on its protocol and labeled it an “unidentified access” to the bridge. The firm noted that it is actively engaging with law enforcement agencies to identify the exploiter and is conducting an in depth analysis of the root cause of the attack. 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Pattern Breaks: Price Near ATH, But HODLers Still Not SellingOn-chain data shows HODLing behavior remains dominant among the Bitcoin investors despite the fact that the price is near the all-time high (ATH).
Author  Bitcoinist
Jul 04, Fri
On-chain data shows HODLing behavior remains dominant among the Bitcoin investors despite the fact that the price is near the all-time high (ATH).
placeholder
Unlocking Future Growth? Alibaba Raises $1.53 Billion via Zero-Coupon Bond to Boost Cloud and Global ExpansionOn July 4, Alibaba Group announced the successful completion of its zero-coupon exchangeable bond issuance , raising HKD 12.023 billion (approximately USD 1.53 billion).
Author  TradingKey
Jul 04, Fri
On July 4, Alibaba Group announced the successful completion of its zero-coupon exchangeable bond issuance , raising HKD 12.023 billion (approximately USD 1.53 billion).
placeholder
Silver Price Forecast: XAG/USD consolidates right below $37.00 in risk-off marketsSilver consolidates the previous two days' gains and remains pinned near $37.00.
Author  FXStreet
Jul 04, Fri
Silver consolidates the previous two days' gains and remains pinned near $37.00.
placeholder
USD/JPY slumps to near 144.30 as Yen’s safe-haven demand increasesThe USD/JPY pair falls over 0.4% to near 144.30 during European trading hours on Friday.
Author  FXStreet
Jul 04, Fri
The USD/JPY pair falls over 0.4% to near 144.30 during European trading hours on Friday.
placeholder
Non-Farm Payrolls Deflate Rate Cut Hopes with 147,000 New JobsOn Thursday in the US, a stronger-than-expected June non-farm payroll report dashed hopes for a rate cut in July.
Author  TradingKey
Jul 04, Fri
On Thursday in the US, a stronger-than-expected June non-farm payroll report dashed hopes for a rate cut in July.
Related Instrument
goTop
quote