The Orbit Chain Hack: Stolen Funds Remain Untouched
The Orbit Chain team recently experienced a hack that resulted in the loss of over $81 million. However, in a recent announcement, the protocol team revealed that the stolen cryptocurrencies have not been moved from the addresses where the funds are stored.
Constant Monitoring and Promise to Inform
The team assured the community that they are continuously monitoring the stolen assets and will inform them once any action is taken with regards to the address associated with the stolen asset. This demonstrates their commitment to transparency and keeping investors informed.
Calls for Freezing Stolen Assets and Collaboration with Law Enforcement
In response to the attack, Orbit Chain has requested global cryptocurrency trading platforms to freeze the stolen assets. Additionally, they are working closely with international security firms and law enforcement agencies to track the cryptocurrency and apprehend the attackers.
Investigation Support and Cause Analysis
The Orbit Chain team has partnered with the Korean National Police Agency and KISA (Korea Internet & Security Agency) to develop a system for investigation support and cause analysis. This collaboration enables a more proactive and comprehensive approach to investigating the hack.
Losses and Token Price Impact
Experts estimate that Orbit Chain lost around $81 million due to this attack, leading to a nearly 20% decrease in the price of their native ORC protocol token. At present, it is trading at $0.055.
Warning Against Scams and Ongoing Investigation
The project team emphasized caution against scams that promise to return or reimburse losses caused by the hack. They are conducting a thorough analysis to identify the root cause of the breach and are actively collaborating with international law enforcement agencies. Any updates regarding this incident will be shared through official channels.
Hot Take: Orbit Chain Takes Swift Action to Address Hack
The Orbit Chain team has been proactive in their response to the recent hack, ensuring that the stolen funds remain untouched and promising constant monitoring and updates to the community. Their efforts to freeze stolen assets, collaborate with law enforcement, and develop investigation support systems demonstrate their commitment to resolving the situation. However, the hack has had a significant impact on the price of their native token. Orbit Chain’s ongoing analysis and warning against scams highlight their dedication to addressing the issue and protecting their users.
By
By
By
By
By