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
Gold Price Trend Forecast: Gold Price Risks Falling Below $4,000, PCE Data Is Key As of the European session today (June 24), gold prices ( XAUUSD) remained weak and fell intraday, touching an intraday low of $4,050 to hit a near two-week low, signaling clear short-ter
Author  TradingKey
6 hours ago
As of the European session today (June 24), gold prices ( XAUUSD) remained weak and fell intraday, touching an intraday low of $4,050 to hit a near two-week low, signaling clear short-ter
placeholder
$4,050: Gold dives to fresh two-week low as Fed rate hike bets boost US DollarGold (XAU/USD) drifts lower for the second straight day – also marking the fifth day of a negative move in the previous six – and drops to a nearly two-week low during the Asian session on Wednesday.
Author  FXStreet
9 hours ago
Gold (XAU/USD) drifts lower for the second straight day – also marking the fifth day of a negative move in the previous six – and drops to a nearly two-week low during the Asian session on Wednesday.
placeholder
WTI languishes near March lows, holds above mid-$72.00s amid easing supply concernsWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – consolidates during the Asian session on Wednesday and currently trades just above mid-$72.00s, near its lowest level since early March, touched the previous day.
Author  FXStreet
14 hours ago
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – consolidates during the Asian session on Wednesday and currently trades just above mid-$72.00s, near its lowest level since early March, touched the previous day.
placeholder
Deutsche Bank Slashes Gold Price Forecast by 22%: Wall Street Bulls Retreat, Fed Rate Hike Expectations Become Biggest Drag Wall Street investment banks are collectively cooling on their bullish sentiment toward gold. Following Goldman Sachs ( GS) sharply cutting its gold price targets last week, Deutsche Bank
Author  TradingKey
Yesterday 10: 32
Wall Street investment banks are collectively cooling on their bullish sentiment toward gold. Following Goldman Sachs ( GS) sharply cutting its gold price targets last week, Deutsche Bank
placeholder
Japanese Yen flatlines near 161.50 as traders are on high alert for interventionThe USD/JPY pair holds steady near 161.55 during the early Asian session on Tuesday. Progress in US–Iran peace talks and intervention fears from the Japanese authorities might cap the upside for the pair.
Author  FXStreet
Yesterday 01: 17
The USD/JPY pair holds steady near 161.55 during the early Asian session on Tuesday. Progress in US–Iran peace talks and intervention fears from the Japanese authorities might cap the upside for the pair.
Related Instrument
goTop
quote