June 14, 2024
Orbit Chain Suffers $81 Million Attack
Latest Cryptocurrency News

Orbit Chain Loses $81 Million in Cross-Chain Bridge Attack

Orbit Chain, a platform facilitating communication and transactions across multiple blockchains, faced an $81 million loss due to the exploitation of its cross-chain bridge by hackers. The project acknowledged the breach in a statement on X, detailing how the attacker utilized the Tornado Cash privacy protocol to fund a wallet before targeting Orbit Chain’s Ethereum vault. The stolen funds, totaling 26,741.6 ETH ($64 million) and approximately $18 million worth of the DAI stablecoin, were then dispersed among various Ethereum wallets. Orbit Chain is assured that these funds have not been touched.

This security breach resulted in a drastic drop in Orbit Chain’s total value locked (TVL) from $152 million to $71 million, with an outflow of $81.88 million, as per DefiLlama data. The platform’s native token, ORC, experienced a more than 13% decline following the incident but has since rebounded, now holding a market cap of $36 million, as reported by CoinMarketCap.

According to researchers at the security app De.Fi, cryptocurrency users collectively lost close to $2 billion in 2023 due to scams, rug pulls, and hacks. Although this amount is about half of the losses incurred in 2022, it signifies the persistent susceptibility of the industry to security vulnerabilities.

Taylor Monahan, a developer at Metamask, highlighted the Orbit attack’s resemblance to previous hacks orchestrated by the North Korean hacker group Lazarus, which, according to cybersecurity firm Recorded Future, has accumulated $3 billion through hacks and exploits over the last six years.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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