Orbit Chain Gets Attacked: $81.6 Million Lost
Orbit Chain suffers a major breach, losing $81.68 million in crypto, amid growing concerns over blockchain security in 2023.
Orbit Chain, a cross-chain bridge, experienced a security breach on Dec. 31, resulting in losses of about $81.68 million in various cryptocurrencies. The breach is being investigated by cybersecurity firm Theori, and international law enforcement agencies are involved.
Orbit Chain has warned its users against scam reimbursement offers spreading on social media. Users are expressing concerns on social media, seeking transaction cancellations and fund returns, but Orbit Chain has not yet responded publicly to these requests.
Founded in South Korea in 2018, Orbit Chain facilitates asset transfers between Ethereum Virtual Machine-compatible networks and Klaytn.
Experts have revealed that over $1.8 billion was lost to Web3 hacks and scams in 2023, with the North Korean group Lazarus Group responsible for a significant portion. The year's largest hack affected the Mixin Network, leading to over $200 million in losses. This incident with Orbit Chain adds to the growing concerns about security in the blockchain and cryptocurrency sectors.
