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 Price Forecast: BTC extends recovery as ETF records positive flows Bitcoin (BTC) price continues to trade in green above $91,500 at the time of writing on Thursday after rebounding from the key support level.
Author  FXStreet
Nov 27, Thu
Bitcoin (BTC) price continues to trade in green above $91,500 at the time of writing on Thursday after rebounding from the key support level.
placeholder
Bitcoin Takes a 'Major Leap Forward' with $97K Price Targets in SightBitcoin holds steady above $90,000 as traders eye $100,000, buoyed by Thanksgiving market lull.
Author  Mitrade
Yesterday 03: 47
Bitcoin holds steady above $90,000 as traders eye $100,000, buoyed by Thanksgiving market lull.
placeholder
S&P Slashes Vanke to Deep Junk, Warning of 'Unsustainable' Debt WallS&P has cut China Vanke’s rating to CCC- and warned its debt is “unsustainable” as the developer faces an 11.4 billion yuan maturity wall, seeks to delay a 2 billion yuan bond repayment and sees its securities plunge, stoking fresh worries that China’s property sector could slide back into crisis despite state ties.
Author  Mitrade
Yesterday 07: 09
S&P has cut China Vanke’s rating to CCC- and warned its debt is “unsustainable” as the developer faces an 11.4 billion yuan maturity wall, seeks to delay a 2 billion yuan bond repayment and sees its securities plunge, stoking fresh worries that China’s property sector could slide back into crisis despite state ties.
placeholder
Gold hits two-week top; eyes $4,200 as dovish Fed offsets USD uptick and risk-on moodGold (XAU/USD) attracts fresh buyers during the Asian session on Friday and climbs to a two-week high, with bulls now eyeing to reclaim the $4,200 mark amid dovish US Federal Reserve (Fed) expectations.
Author  FXStreet
Yesterday 07: 29
Gold (XAU/USD) attracts fresh buyers during the Asian session on Friday and climbs to a two-week high, with bulls now eyeing to reclaim the $4,200 mark amid dovish US Federal Reserve (Fed) expectations.
placeholder
Silver Price Forecast: XAG/USD bulls remain focused on the $54.40 levelSilver remains steady near $54.00 after rejection at $54.40 area.
Author  FXStreet
20 hours ago
Silver remains steady near $54.00 after rejection at $54.40 area.
goTop
quote