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In a last-minute exploit just before the new year, hackers targeted Orbit Bridge, the cross-chain bridging service of Orbit Chain, orchestrating a sophisticated attack that led to a staggering $82 million theft.
🚨@Orbit_Chain has been hacked for over $81M.
— Beosin Alert (@BeosinAlert) January 1, 2024
The project has suspended the cross-chain bridge contract and started on-chain negotiation with the attacker.
Attacker: 0x9263e7873613ddc598a701709875634819176aff
Responding swiftly to the breach, the project immediately suspended the cross-chain bridge contract and engaged in on-chain negotiations with the attackers, as reported by Beosin Alert, an on-chain analytics platform.
Concerns about a potential exploit were first voiced on December 31 by the pseudonymous Twitter user Kgjr, who highlighted significant outflows from the Orbit Chain Bridge protocol.
Responding to these alerts, the blockchain analytics platform Arkham Intelligence uncovered five distinct transactions orchestrated by the hackers.
These transfers encompassed $30 million in Tether (USDT), $10 million in USD Coin (USDC), Ethereum (ETH), 231 Wrapped Bitcoin (WBTC), and $10 million worth of the algorithmic stablecoin DAI, all meticulously moved to newly created wallets.
Looks like orbit bridge is getting drained right now, different fresh wallets for wbtc usdt usdc and dai, test tx's showup on orbit bridge scanner but bigger ones doesnt. Wallets bellow pic.twitter.com/zlUbT0HrO2
— Kgjr (clueless333) (@KGJRTG) December 31, 2023
Impact on the Orbit Bridge Chain Ecosystem
Orbit Chain, a prominent South Korean-based multi-asset blockchain, has gained recognition for facilitating cross-chain transfers across various decentralized networks, particularly EVM-compatible networks, and Klaytn.
The protocol’s significant connection to the Klaytn network is evident, with eight of the largest assets on Klaytn being wrapped assets on the Orbit Bridge.
However, the news of the exploit dealt a blow to the native coin of Orbit Chain (ORC), which experienced a substantial 19% drop. At the time of writing, ORC is trading at $0.0576, with the price showing a continuing downward trend, according to Coingecko data.
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