Orbit Bridge has been hit hard with a theft of around $82 million in a cyber heist, and is making efforts to identify and locate the hackers.
In Brief
In a shocking turn of events, Orbit Bridge experienced a major hacking incident, leading to the illegal extraction of $81.5 million worth of various cryptocurrencies.
The hacking incident concerning Orbit Bridge, part of the cross-chain protocol Orbit Chain, led to a staggering loss of $81.5 million in various cryptocurrencies. cryptocurrencies .
The breach was first unveiled by a user named Kgjr, who noticed some irregularities and took to social media platform X (previously known as Twitter) to alert others.
Crypto experts have noted that the breach occurred in five separate transactions, each funnelling assets into new wallets. The stolen cryptocurrencies included $30 million in USDT, $10 million in USDC, approximately 9500 ETH, valued at around $22 million, 231 WBTC amounting to $10 million, and another $10 million in DAI, indicating a highly calculated operation. attack Currently, it appears that Orbit Bridge is experiencing a significant drain, as new wallets are being created to handle transactions for WBTC, USDT, USDC, and DAI, while smaller test transactions are visible on the orbit bridge scanner but larger ones are not.
On January 1, 2024, the team remarked, 'We have reached out to top cryptocurrency exchanges worldwide to freeze the assets that were stolen.'
At the time of writing this update, the stolen digital currencies have not yet been moved.
Our team is vigilantly overseeing the situation with the stolen assets, pledging to keep the community informed once any activity occurs from the addresses linked to the stolen funds.
To make matters worse, scammers have exploited the situation to circulate false links claiming to offer compensation. In their response, Orbit Chain has urged users to remain wary of such misleading tactics. This incident stands out as either the last significant crypto breach of 2023 or the first in 2024, depending on the perspective of the timeline.
This breach underscores a disturbing trend in crypto hacks, with an estimated $1.7 billion lost from various projects just in November 2023. Remarkably, this hack has been identified as the ninth largest exploit against a cross-chain bridge in the past three years, as per insights from blockchain cybersecurity firm PeckShield.
On New Year's Eve, the platform fell prey to an $81.5 million exploit, categorizing it as the ninth most substantial hack targeting a cross-chain bridge in three years.
— PeckShieldAlert (@PeckShieldAlert)
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Kumar, a knowledgeable Tech Journalist, focuses on the fascinating intersections of AI/ML, marketing technology, and progressing realms like crypto, blockchain, and NFTs. With over three years of industry experience, Kumar has a solid history of crafting engaging narratives, conducting insightful interviews, and providing thorough analysis. His proficiency lies in producing impactful content, including articles, research papers, and reports for leading industry platforms, effortlessly translating complex technological concepts into engaging and understandable content for varied audiences. vulnerability Blum commemorates its one-year anniversary, having won accolades for ‘Best GameFi App’ and ‘Best Trading App’ at the Blockchain Forum 2025.
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