Cross-chain bridge project Orbit Chain hit by cyberattack
Orbit Chain, a cross-chain bridge project, experienced a “cyberattack” on Monday, resulting in the theft of over $80 million from its bridge. The project detected an unauthorized access on Orbit Bridge and identified approximately $84.5 million held by the attacker across multiple wallet addresses. The stolen funds include 26,741.6 ETH and just under $20 million worth of DAI stablecoin. Orbit Chain has stated that the stolen funds remain untouched and that they are closely monitoring the assets while collaborating with law enforcement agencies. They are also working on recovering the funds using all available methods.
Orbit Chain collaborates with South Korean authorities
In an effort to recover the stolen funds, Orbit Chain has developed a system for investigation support and cause analysis in collaboration with South Korea’s National Police Agency and Internet & Security Agency (KISA). They have requested crypto exchanges to freeze the stolen assets and are working with blockchain security firm Theori to track the funds in real-time. Additionally, security firm ChainLight is conducting a comprehensive analysis of the exploit in response to Orbit Chain’s request.
Investigation ongoing, North Korean involvement suspected
Orbit Chain has not yet provided a detailed account of how the exploit occurred. There is speculation that North Korean hackers could be behind the attack, which Orbit Chain acknowledges as a possibility. North Korea has been implicated in several major crypto hacks, allegedly stealing over $3.4 billion worth of cryptocurrency. U.S. Senator Elizabeth Warren has claimed that North Korea uses stolen crypto to fund its nuclear weapons program.
Tornado Cash used for initial ETH funneling
The initial ETH used in the attack was funneled through a crypto mixer called Tornado Cash, according to Orbit Chain. Tornado Cash has been sanctioned by the U.S. Treasury Department for its involvement in laundering over $7 billion worth of cryptocurrency, including funds stolen by North Korean hacking group Lazarus Group.
Hot Take: Cyberattack on Orbit Chain highlights ongoing security risks in the crypto space
The recent cyberattack on Orbit Chain serves as a reminder of the persistent security risks faced by crypto projects and users. Despite advancements in blockchain technology, hackers continue to find vulnerabilities and exploit them for financial gain. It is crucial for crypto projects to prioritize security measures and collaborate with law enforcement agencies to track down attackers and recover stolen funds. This incident also raises concerns about the involvement of state-sponsored hacking groups, highlighting the need for international cooperation in combating cyber threats in the crypto space.
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