Orbit Chain Announces Stolen Cryptocurrencies Remain Unmoved
Orbit Chain, which reportedly suffered an $81.5 million hack on Sunday, has announced that the stolen cryptocurrencies have not been moved from the addresses where they are stored. The company is actively monitoring the stolen assets and will inform the community once action is taken on the associated address. This update was shared by Orbit Chain on X.
Efforts to Track Stolen Assets
Following the major hack, Orbit Chain has requested global crypto trading platforms to freeze the stolen assets. The company is also working with global security firms and law enforcement agencies to track the stolen crypto. On December 31, an unidentified access to the Orbit Bridge resulted in $50 million worth of stablecoins, wBTC, and ETH being sent to fresh wallet addresses in separate transactions.
Lack of Disclosure from Orbit Chain
Orbit Chain has not disclosed the exact nature of the hack and did not respond to The Block’s request for comment.
About Author
Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.
Hot Take: Orbit Chain Hack Raises Concerns Over Crypto Security
The recent hack on Orbit Chain, resulting in a loss of $81.5 million, highlights the ongoing security challenges faced by the crypto industry. With hackers becoming increasingly sophisticated, it is crucial for companies and individuals to prioritize cybersecurity measures. The response from Orbit Chain, including freezing stolen assets and collaborating with security firms and law enforcement agencies, shows a proactive approach towards mitigating the impact of the hack. However, the lack of disclosure regarding the nature of the hack raises concerns about transparency and accountability. This incident serves as a reminder for the crypto community to remain vigilant and continuously enhance security protocols.
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