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
NZD/USD Price Forecast: Maintains its bullish stance despite rejection at 0.5980The NZD has failed to breach 0.5980 resistance against the USD, but downside attempts remain limited so far.
Author  FXStreet
13 hours ago
The NZD has failed to breach 0.5980 resistance against the USD, but downside attempts remain limited so far.
placeholder
TikTok Deal Boosts Oracle; Shares Rise 3% on Renewed Hopes of Strategic RoleOracle’s stock reversed a two-day 11% decline, surging over 3% as the company is seen as a key player in enabling TikTok to continue operating in the U.S.
Author  TradingKey
13 hours ago
Oracle’s stock reversed a two-day 11% decline, surging over 3% as the company is seen as a key player in enabling TikTok to continue operating in the U.S.
placeholder
Forex Today: US Dollar remains weak pre-Fed, Gold hits new record-highThe US Dollar (USD) stays under modest bearish pressure early Tuesday as investors adjust their positions ahead of the Federal Reserve's critical two-day policy meeting.
Author  FXStreet
14 hours ago
The US Dollar (USD) stays under modest bearish pressure early Tuesday as investors adjust their positions ahead of the Federal Reserve's critical two-day policy meeting.
placeholder
Canada CPI expected to edge higher in August ahead of BoC rate cut decision Statistics Canada will publish August’s inflation figures on Tuesday.
Author  FXStreet
14 hours ago
Statistics Canada will publish August’s inflation figures on Tuesday.
placeholder
USD/CHF slumps to near 0.7900 as Fed dovish bets weigh on US DollarThe USD/CHF pair falls sharply to near 0.7915 during the European trading session on Tuesday.
Author  FXStreet
14 hours ago
The USD/CHF pair falls sharply to near 0.7915 during the European trading session on Tuesday.
Related Instrument
goTop
quote