Cross-Chain Protocol Orbit Bridge Loses Over $80 Million in Hack
A cross-chain protocol called Orbit Bridge has been targeted by hackers, resulting in the theft of more than $80 million in various cryptocurrencies. The Orbit Chain team confirmed the incident and stated that they are working with Theori, a web3 auditing firm, to investigate the root cause of the attack. They are also collaborating with international law enforcement agencies. The hack was first detected by a user on Twitter who noticed that the attacker had drained funds from the bridge. Klaytn, a blockchain platform that had partnered with Orbit Bridge’s developer, assured users that it remains unaffected by the hack. Taylor Monahan, founder and CEO of MyCrypto, suggested that the hacking group responsible for the attack may be affiliated with North Korea.
Orbit Bridge’s Connection to Ozys Raises Concerns
Ozys, the team behind Orbit Bridge as well as other projects like KlaySwap and Belt Finance, has previously experienced hacks. The similarities in the flow of stolen funds between these incidents have led to speculation about their connection. While it is unclear who is behind this latest attack, the loss of $81.4 million marks a significant security incident in 2024.
Hot Take: The Growing Threat of Hacks in the Crypto Space
Hacks continue to pose a major threat to the cryptocurrency industry, with hackers targeting various platforms and protocols to steal millions of dollars worth of digital assets. This recent attack on Orbit Bridge highlights the importance of robust security measures and constant vigilance within the crypto ecosystem. As hackers become increasingly sophisticated, it is crucial for developers and users alike to prioritize cybersecurity and implement best practices to protect their funds. The collaboration between Orbit Chain, Theori, and law enforcement agencies demonstrates a proactive approach to addressing such incidents and holding the perpetrators accountable. The crypto industry must remain resilient in the face of these challenges to build trust and foster widespread adoption.
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