Hackers Steal $82 Million from Orbit Chain’s Cross-Chain Bridge
Just before the new year, hackers managed to exploit Orbit Bridge, the cross-chain bridging service of Orbit Chain, and steal a staggering $82 million. The project immediately suspended the cross-chain bridge contract and initiated on-chain negotiations with the attackers, according to Beosin Alert, an on-chain analytics platform.
Concerns Raised About Exploit
Pseudonymous Twitter user Kgjr raised concerns about a potential exploit on December 31, noting significant outflows from the Orbit Chain Bridge protocol. Blockchain analytics platform Arkham Intelligence later revealed that the hackers conducted five separate transactions, moving funds to fresh wallets.
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Orbit Chain Facilitates Cross-Chain Transfers
Orbit Chain is a South Korean-based multi-asset blockchain known for facilitating cross-chain transfers between decentralized networks, particularly EVM-compatible networks and Klaytn. The protocol has strong ties to the Klaytn network, with many assets on Klaytn being wrapped assets on the Orbit Bridge.
ORC Coin Price Drops
The native coin of Orbit Chain (ORC) experienced a 19% drop in value following news of the exploit. As of now, it is trading at $0.0576 and continues to decline in price according to Coingecko data.
Hot Take: Orbit Suspends Cross-Chain Bridge Contract After $82M Exploit
Orbit Chain’s cross-chain bridge service, Orbit Bridge, fell victim to a hack just before the start of the new year. Hackers stole an astonishing $82 million from the platform. Following the incident, Orbit Chain immediately suspended its cross-chain bridge contract and began negotiations with the attackers on the blockchain. Concerns about a potential exploit were raised by a Twitter user who noticed significant outflows from the protocol. The hackers orchestrated several transactions, moving millions of dollars in various cryptocurrencies to new wallets. Orbit Chain is a renowned blockchain platform that facilitates cross-chain transfers between decentralized networks. The exploit caused the value of Orbit Chain’s native coin to drop significantly.
