Orbit Chain

Orbit

Klaytn

<div class="cryptonews">
 <p class="is-style-lead">Cross-<a rel="noopener noreferrer nofollow" title="chain" href="https://thebittimes.com/tag/chain.html">chain</a> <a rel="noopener noreferrer nofollow" title="protocol" href="https://thebittimes.com/tag/protocol.html">protocol</a> Orbit Bridge has suffered a hacker attack, resulting in a loss of more than $80 million in multiple cryptocurrencies.</p>
 <p>In a public X statement, the Orbit Chain team confirmed the incident, saying the root cause of the issue is being carried out with Theori, a web3 auditing firm. The team noted it is “actively engaging with international law enforcement agencies,” without going into detail.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Urgent<br><br>Dear Orbit Bridge Users,<br><br>An unidentified access to Orbit Bridge, a decentralized Cross-<a rel="noopener noreferrer nofollow" title="chain" href="https://thebittimes.com/tag/chain.html">chain</a> <a rel="noopener noreferrer nofollow" title="protocol" href="https://thebittimes.com/tag/protocol.html">protocol</a>, was confirmed on Dec-31-2023 08:52:47 PM +UTC.<br><br>Further information regarding the issue will be updated.</p>— Orbit Chain (@Orbit_Chain) January 1, 2024
   </blockquote>
  </div>
 </figure>
 <p>The hack was first spotted by X user @KGJRTG, who revealed that the attacker drained millions of dollars worth of crypto such as Ethereum (ETH), USD Coin (USDC), Tether (USDT) and Wrapped Bitcoin (WBTC) from the cross-chain bridge.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Pink Drainer hackers stole $4.4m in Link
 </div>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">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</p>— Kgjr (clueless333) (@KGJRTG) December 31, 2023
   </blockquote>
  </div>
 </figure>
 <p>Block<a rel="noopener noreferrer nofollow" title="chain" href="https://thebittimes.com/tag/chain.html">chain</a> platform Klaytn, which had previously signed a memorandum of understanding with Orbit Bridge’s developer, Ozys, in September 2023, reassured users that the Klaytn Foundation remains unaffected by the Orbit Bridge hack.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">The Klaytn Foundation has not been affected by the Orbit Bridge hack. We’re currently reaching out to Ozys to assess the situation and will provide an update as soon as possible.</p>— Klaytn (@klaytn_official) January 1, 2024
   </blockquote>
  </div>
 </figure>
 <p>Klaytn is actively communicating with Ozys to assess the situation and pledges to provide timely updates. Orbit is understood to be the largest bridge provider for Klaytn.</p>
 <blockquote class="wp-block-quote">
  <p>“We’re currently reaching out to Ozys to assess the situation and will provide an update as soon as possible.”</p>
  <p>Klaytn</p>
 </blockquote>
 <p>Taylor Monahan, founder, and CEO of MyCrypto, noted that the flow of stolen funds resembles the modus operandi of hacking groups often affiliated with North Korea.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Orbit Bridge Hack looking v methodical <br><br>Looks like 2024 is going to be another year of handing DPRK billions of dollars on a silver platter. <br><br>embarrassing af. pic.twitter.com/4VAPSYOUjW</p>— Tay (@tayvano_) January 1, 2024
   </blockquote>
  </div>
 </figure>
 <p>While the official attribution of the hack remains unclear, Monahan highlighted that Orbit Bridge is another project by Ozys, the team responsible for KlaySwap and Belt Finance, both of which were previously hacked for $6 million and $2 million, respectively.</p>
 <p>Lookonchain’s calculations estimate that Orbit Bridge’s losses in this security incident amount to a staggering $81.4 million, marking the first significant incident in 2024.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Crypto hackers managed to steal $2b in 2023
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cross-chain-protocol-orbit-bridge-suffers-exploit-losses-surpass-80m-tbt75266.html">https://thebittimes.com/cross-chain-protocol-orbit-bridge-suffers-exploit-losses-surpass-80m-tbt75266.html</a></p>

Cross-chain protocol Orbit Bridge suffers exploit, losses surpass $80m

TheBitTimes

Other articles published on Jan 1, 2024

Traders pick Solana, Everlodge, and Avalanche as altcoins to consider

4 Tokens Below $0.2 to Turn your $1 into $20

Project Diamond: Coinbase’s RWA Platform Regulated in Abu Dhabi

Dogecoin Price Prediction Hints Last Pullback Before Hitting $0.12

Coinbase’s Chief Legal Officer Slams US Decision to Drop Additional Charges Against Bankman-Fried...

Sam Bankman-Fried: Pro-Bitcoin Presidential Alleges Other Reasons Behind Dropped Charges

Join our free newsletter for daily crypto updates!