Orbit Chain

Orbit

Wrapped Bitcoin

Klaytn

<p>In a significant security breach, hackers have successfully targeted Orbit Bridge, a key component of the Orbit Chain protocol, resulting in a substantial financial loss. The incident unfolding just hours before the New Year has prompted widespread concern across the cryptocurrency community.</p> 
<h2 class="wp-block-heading" id="strong-orbit-chain-and-klaytn-network-connections-strong"><strong>Orbit Chain and Klaytn network connections</strong></h2> 
<p>The exploit, first brought to light through social media posts by users including Kgjr, Officer CIA, and blockchain security firm Cyvers, involved a series of unauthorized transactions. According to Arkham Intelligence, a<a href="https://www.cryptopolitan.com/computational-load-on-blockchain-based-iot/"> blockchain </a>analytics platform, the total amount stolen by the hackers is approximately $81.68 million. This heist was executed through five distinct transactions involving several cryptocurrencies, including $30 million in Tether, $10 million in USD Coin, 9,500 Ethereum, 231 Wrapped Bitcoin (WBTC), and $10 million worth of the algorithmic stablecoin DAI. These funds were transferred to new, previously unused wallets.</p> 
<p>Orbit Chain, launched in 2018 in South Korea, is known for its focus on facilitating cross-chain transfers across various decentralized networks. It is used for asset transfers between EVM-compatible networks and the Klaytn network, a modular layer-1 blockchain. The Klaytn network’s block explorer data reveals that eight of the largest assets on this network, by total market cap, are wrapped assets on the Orbit Bridge. Despite having a similar name, Orbit Chain is entirely separate from Orbiter Finance, another cross-chain bridging protocol.</p> 
<h2 class="wp-block-heading" id="strong-impact-and-response-to-the-exploit-strong"><strong>Impact and response to the exploit</strong></h2> 
<p>The incident has <a href="https://x.com/KGJRTG/status/1741575860635783385?s=20" rel="nofollow" target="_blank">triggered</a> a thorough investigation, with blockchain security experts and the community striving to understand the breach’s mechanics and implications. The exploit of Orbit Bridge, a critical infrastructure piece in the blockchain ecosystem, underscores the ongoing challenges in ensuring the security of decentralized financial platforms. This breach impacts the immediate stakeholders and raises broader concerns about the security and reliability of similar protocols in the blockchain space.</p> 
<p>The response to this incident will be closely watched, as it will set a precedent for how the decentralized finance community handles significant security breaches. The event also serves as a reminder of the importance of rigorous security measures and continuous vigilance in the ever-evolving landscape of blockchain technology.</p>

Orbit Bridge, hacked for $82 million in major crypto breach

Table of Contents

Cryptopolitan_News

Other articles published on Jan 1, 2024

Should You Invest in Dogecoin in 2024? If Yes, Here’s the Way!

RFK Jr. Alleges Corruption in Dropping 6 Charges Against FTX Founder Sam Bankman-Fried

3 Tokens below $0.2 to soar 10x in January: Shiba Inu (SHIB), Retik Finance (RETIK), Bonk (BONK)

Anticipation for the First US Spot Bitcoin ETF Launch

Crypto Phishing Scams Swipe $300M in 2023: Scam Sniffer

Bitcoin Analyst Benjamin Cowen Predicts Potential Correction Based on Historical Movements

Join our free newsletter for daily crypto updates!