A major financial loss of almost $82 million was caused by hackers successfully targeting the orbit bridge, a critical component of the orbit chain protocol.
Orbit Bridge is an essential part of the Orbit Chain protocol, and hackers have breached its security and stolen a lot of money from it. All around the cryptocurrency ecosystem, people are worried about the event that is happening in the last hours before the new year.
Unauthorized transactions were implicated in the vulnerability, which was first revealed via social media postings by individuals such as Kgjr, Officer CIA, and Cyvers, a blockchain security consultancy. A blockchain analytics company called Arkham Intelligence estimates that the total funds taken by the hackers are about $81.68 million. Several cryptocurrencies were involved in the five separate transactions that carried out this theft. These cryptocurrencies were USD Coin, 30 Tether, 9,500 Ethereum, 231 WBTC, and algorithmic stablecoin DAI, each valued at $10 million. New wallets, which had not been used before, were credited with these funds.
Orbit Chain is a South Korean-launched decentralized network that aims to make cross-chain transfers easier. It facilitates the movement of assets across networks that are compatible with the EVM and the modular layer-1 blockchain known as the Klaytn network. Eight of the top ten assets on the Klaytn network in terms of market capitalization are wrapped assets on the Orbit Bridge, according to statistics from the block explorer. Even though they share a name, Orbit Chain and Orbiter Finance are completely distinct cross-chain bridge protocols.
The event has sparked a comprehensive investigation, with community members and blockchain security specialists working hard to comprehend the mechanics and consequences of the hack. This hack affects the people directly involved and makes people wonder how other blockchain protocols are doing in terms of security and dependability.
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