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Orbit Chain Suffers $81M Hack on New Year’s Eve: A Deep Dive

Orbit Chain Lost $81M To A Major Hack Exploit On New Year Eve

As the world celebrated the arrival of 2024, the crypto sphere was hit with another security breach. Orbit Chain, a cross-chain protocol, fell victim to a massive hack on New Year’s Eve, resulting in losses estimated at $81 million. This incident has sent shockwaves through the crypto community, raising concerns about the security of cross-chain bridges and the vulnerabilities they expose.

Orbit Chain Hacked: What Happened?

On December 31, 2023, at 08:52:47 PM UTC, unauthorized access was detected on the Orbit Bridge. Preliminary investigations suggest that hackers managed to compromise seven out of ten multisig signers, granting them control over a significant portion of the assets held within the bridge. This allowed them to drain substantial amounts of various cryptocurrencies.

  • The Exploit: Hackers gained access to a majority of multisig signers.
  • The Loss: Approximately $81 million in various crypto assets were stolen.
  • The Response: Orbit Chain is investigating and working with law enforcement.

What Assets Were Stolen in the Orbit Chain Hack?

The attackers made off with a diverse portfolio of digital assets, including stablecoins and blue-chip cryptocurrencies:

  • 30 million USDT
  • 10 million USDC
  • 10 million DAI
  • 230.879 Wrapped Bitcoin (WBTC) worth $9.7 million
  • 9500 Ethereum (ETH) worth $21.7 million

In total, the stolen assets are valued at approximately $81.5 million. Furthermore, reports indicate that the hackers funded their initial wallets using Tornado Cash, a known cryptocurrency mixer, making it harder to trace the funds.

Orbit Chain’s Response: Investigation and Law Enforcement

Orbit Chain has acknowledged the breach and is actively working to determine the root cause of the exploit. The project has engaged international law enforcement agencies to assist in the investigation and recovery efforts.

According to their official statement:

“An unidentified access to Orbit Bridge, a decentralized Cross-chain protocol, was confirmed on Dec-31-2023 08:52:47 PM +UTC. Further information regarding the issue will be updated.”

ORC Token Price Plummets After the Hack

Unsurprisingly, the price of Orbit Chain’s native token, ORC, has taken a significant hit following the hack. Within 24 hours, the price dropped by nearly 20%, reflecting the market’s negative sentiment towards the project’s security.

The token is currently trading around $0.057, a stark reminder of the immediate financial consequences of security breaches in the crypto space.

Beware of Phishing Scams: Protect Yourself

In the wake of the hack, scammers are attempting to capitalize on the situation by impersonating Orbit Chain and offering fake reimbursement schemes. These phishing attempts often involve directing users to malicious websites that steal their private keys or other sensitive information.

Important: Orbit Chain has explicitly stated that any accounts claiming to offer reimbursement are fake. Always verify the authenticity of any communication before clicking on links or providing personal information.

Scammers’ Posts
Scammers’ Posts

Key Takeaways and Lessons Learned

The Orbit Chain hack serves as a crucial reminder of the inherent risks associated with cross-chain technology and the importance of robust security measures.

  • Multisig Security: The compromise of multisig signers highlights the need for enhanced key management and security protocols.
  • Cross-Chain Risks: Cross-chain bridges remain a vulnerable attack vector in the DeFi ecosystem.
  • User Awareness: Crypto users must remain vigilant against phishing scams and other malicious activities.

See Also: BitMEX Founder Arthur Hayes Lost A Large Amount Of Money In His Recent Crypto Transactions

The Orbit Chain hack is a developing story. Stay informed, stay vigilant, and always prioritize security in the ever-evolving world of cryptocurrency.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.