Orbit Bridge Loses Over $81.5 Million in Cyberattack
Orbit Bridge, a blockchain interoperability solution, has fallen victim to a hack that resulted in the loss of more than $81.5 million worth of cryptocurrencies. The attack was first reported by a user named Kgjr, who noticed suspicious activity. The hackers managed to withdraw $30 million in USDT, $10 million in USDC and DAI, as well as a significant amount of WBTC and ETH. The stolen funds were transferred to five different wallets. Orbit Chain has acknowledged the incident and is attempting to contact the attackers. They have also requested the cooperation of major exchanges in freezing the stolen assets.
Possible Link to North Korean Hackers
Due to the method used in the attack, some experts, including sleuth Tay, have suggested a possible connection to North Korean hackers. This raises concerns that 2024 could see a rise in cyber incidents linked to these groups, potentially involving billions of dollars. In response to these speculations, Orbit Chain stated that they will conduct a thorough review and develop an appropriate response plan. They are also working closely with law enforcement agencies to track down and freeze the stolen assets.
Remain Vigilant Against Scams
Orbit has urged users to stay vigilant and be cautious of scams that promise refunds or reimbursements for losses caused by the hack. They emphasized that any updates or information regarding the incident will be communicated through official channels only. Recent reports indicate that the total amount lost in similar incidents in 2023 reached $1.7 billion. Orbit Bridge’s hack serves as a reminder of the importance of robust security measures and constant awareness in the cryptocurrency space.
Hot Take: Cyber Attacks Pose Ongoing Risks to Cryptocurrency
In yet another instance of a major hack targeting a cryptocurrency platform, Orbit Bridge has lost a substantial amount of assets. This serves as a stark reminder that the crypto industry is not immune to cyber threats. Hackers continue to exploit vulnerabilities in the system, resulting in significant financial losses. The incident also highlights the need for increased cooperation between exchanges and increased security measures to prevent and respond effectively to such attacks. As the use of cryptocurrencies grows, it becomes crucial for individuals and businesses to prioritize cybersecurity in order to protect their assets and maintain trust in the industry.
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