Cross-chain bridge Orbit Chain has confirmed that it suffered an unauthorized breach of access to its ecosystem on December 31.
Cross-chain bridge Orbit Chain has confirmed that it suffered an unauthorized breach of access to its ecosystem on December 31.
The platform, which was founded in 2018 in South Korea, provides cross-chain transactions between decentralized networks. It is often used to transfer assets between Ethereum Virtual Machine-compatible networks and Klaytn.
In a statement posted on X, Orbit Chain said it is currently conducting a "comprehensive analysis" of the cause of the breach alongside cybersecurity startup Theori. It is estimated that the losses totaled around $81.68 million in various cryptocurrencies, including Tether (USDT), USD Coin (USDC), Ether (ETH), Wrapped Bitcoin (WBTC), and Dai (DAI).
The team has also requested major crypto exchanges to freeze assets associated with the hack, and is working with “global security experts” and “law enforcement agencies” to track and freeze the stolen assets.
Orbit Chain warned users not to fall for any scam reimbursement offers, which have begun circulating on social media under accounts with similarly named handles.
Orbit users have expressed concern and confusion on social media, asking for transactions to be canceled and requesting the return of their funds. Some users reported that their transactions were still pending validation, while others complained that no one was responding to their inquiries.
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