Orbit Chain Issues Warning After Hack

Interlocking chain bridge Orbit Chain has reported that on December 31 at 8:52 p.m. UTC, it had an illegal breach of access to its ecosystem.Additionally, an incident occurred.

Orbit Chain published a message on X (formerly known as Twitter), stating that it is currently collaborating with cybersecurity startup Theori to conduct a “comprehensive analysis” of the attack’s cause.

Additionally, it stated that it is “actively engaging” with law enforcement authorities from throughout the world. Arkham Intelligence, a blockchain analytics platform, revealed that the losses amounted to around $81.68 million in a variety of cryptocurrencies, such as Tether, USD Coin, Ether, Wrapped Bitcoin (WBTC), and Dai.

Orbit issued a warning to its users, advising them not to fall for any fraudulent compensation offers that have recently started to circulate on social media under profiles with handles that are similar to their own.

Source: Orbit Chain on X

A gradual number of Orbit users have begun to contact the site through various social media platforms, requesting that transactions be reversed and that they be given their money back. A single user reported that the validation of their transaction is still in progress.

As a result of the fact that no one is responding to queries, another user stated that people are getting confused and “on edge” while they wait for validators. Orbit Chain has not provided any public response to the questions posed by users.

Orbit Chain initially launched the multi-asset blockchain platform in South Korea in 2018 to facilitate cross-chain transactions amongst decentralized networks.

It is frequently utilized to transfer assets across networks that are compatible with the Ethereum Virtual Machine and Klaytn. The report released at the end of the year by the blockchain security platform Immunefi stated that Web3 hackers and con artists caused a loss of $1.8 billion in 2023.

The Lazarus Group, comprised of hackers from North Korea, was responsible for one-seventh of this total. The attack on the peer-to-peer trading platform Mixin Network, resulting in a total loss of more than two hundred million dollars, was determined to be the most significant exploit of the year.