Orbit Chain

Orbit

Million

Klaytn

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/orbit-chain-suffers-a-major-hack-with-81-5-million-in-crypto-and-stablecoins-lost/" data-wpel-link="internal">Orbit Chain Suffers a Major Hack with $81.5 Million in Crypto and Stablecoins Lost</a><br></p>
<p style="text-align: justify">It is believed that Orbit Chain’s interchain bridge protocol fell victim to a significant hack attack, resulting in the loss of $81.5 million worth of cryptocurrency and <strong>stablecoin</strong>.</p> 
<h2 style="text-align: justify" id="loss-of-81-5-million-across-multiple-currencies">Loss of $81.5 Million Across Multiple Currencies</h2> 
<p style="text-align: justify">The suspicious attack was revealed through five different transactions, each transferring a significant amount of various digital assets to a newly created wallet. Notably, <strong>Orbit Chain</strong> was used to transfer $50 million worth of stablecoins, including 30 million USDT, 10 million DAI, and 10 million USDC.</p> 
<p style="text-align: justify">Additionally, the hack involved the transfer of approximately $10 million worth of 231 <a href="https://en.coin-turk.com/bitcoin-nft-activity-plummets-by-99-since-may-according-to-dappradar/" data-wpel-link="internal">Bitcoin</a> (wBTC) and about $21.5 million worth of 9,500 Ethereum (ETH).</p> 
<h2 style="text-align: justify" id="early-detection-by-vigilant-user">Early Detection by Vigilant User</h2> 
<p style="text-align: justify">The concerning breach was first detected by a user named Kgjr, who noticed unusual outflows from Orbit Chain. This prompt detection underscores the importance of an alert and attentive community in mitigating the impact of such incidents. The timely discovery allowed for rapid dissemination of information and increased awareness in the cryptocurrency space.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-296422 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/hack-cointurk.jpg" alt="" width="1233" height="486"></p> 
<p style="text-align: justify">Further analysis reveals that Orbit Bridge is intricately linked with the Klaytn ecosystem; Klaytn’s explorer shows that nine of the top ten tokens by market circulation on the network are assets bridged with Orbit Bridge.</p> 
<p style="text-align: justify">This connection adds a layer of complexity to the attack, raising questions about potential security vulnerabilities in the broader Klaytn ecosystem and their impact on decentralized <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">finance</a> (<a href="https://en.coin-turk.com/bitcoins-price-stability-and-uniswaps-expansion-into-bitcoin/" data-wpel-link="internal">DeFi</a>) platforms.</p> 
<h2 style="text-align: justify" id="seeking-clarity-the-mystery-surrounding-the-hack">Seeking Clarity: The Mystery Surrounding the Hack</h2> 
<p style="text-align: justify">Despite the seriousness of the situation, the full nature of the hack remains a mystery. Orbit Chain, the organization behind the cross-chain bridge protocol, has not yet made an official statement or clarification regarding the hack. As concerns grow within the crypto community, stakeholders are eagerly awaiting information on the root cause of the incident and subsequent steps to enhance security measures.</p> 
<p style="text-align: justify">In conclusion, the suspicious hack of Orbit Bridge, resulting in a loss of $81.5 million, has cast a shadow over the security of interchain bridge protocols. While the crypto community awaits official statements from Orbit Chain and contemplates the broader implications on the Klaytn ecosystem, this event serves as a stark reminder of the enduring challenges in protecting decentralized platforms.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/orbit-chain-suffers-a-major-hack-with-81-5-million-in-crypto-and-stablecoins-lost/" data-wpel-link="internal">Orbit Chain Suffers a Major Hack with $81.5 Million in Crypto and Stablecoins Lost</a></h5>

Orbit Chain Suffers a Major Hack with $81.5 Million in Crypto and Stablecoins Lost

Table of Contents

COINTURK NEWS

Other articles published on Jan 1, 2024

3 Big Cryptocurrency Events To Watch Out For In 2024

Can Big Banks Dominate the Stablecoin Market and Kill Tether (USDT)?

Bitcoin Struggles While Solana (SOL) Eyes Future Gains

Consensus Mechanism: Learn All About Their Role in Blockchain

Cross-chain protocol Orbit Chain attacked on New Year’s Eve

SEI Price Surges by 65%: How High Will the SEI Price Go in 2024?

Join our free newsletter for daily crypto updates!