Orbit Chain Issues Legal Warning to Hackers, Final Negotiation Deadline Set for January 11

In a recent public update, Orbit Chain revealed ongoing discussions with the cyber attackers. They have established a final cutoff for negotiations, shared by the team at 2:30 PM (UTC+9). The platform specified that all lines of communication, including bug bounty initiatives, will come to an end following 10:00 AM (UTC+9) on January 11, 2024. Orbit Chain Should the attackers fail to engage or decline the proposal, Orbit Chain intends to open its bounty program globally, calling on contributors worldwide to help track down the criminals.

Should the attackers Regarding the negotiations, the Orbit Chain team stated on social media platform X, \"Standard communications protocols, including our bug bounty, will come to a close after 10:00 AM (UTC+9) on January 11, 2024.\"

They added, \"If the hackers do not engage or dismiss our offer, we will publicly open the bounty, rallying global support to continue the pursuit of the attackers.\"

Earlier today, at approximately 2:30 PM (UTC+9), the Orbit Chain team informed the attackers of their final negotiation deadline.

The company clarified, \"Negotiations will stop instantly if the DPRK or any related organization is confirmed as responsible for the breach.\"

Furthermore, the team assured their commitment to leveraging every resource at their disposal to pursue the attackers relentlessly and prevent any further withdrawals of stolen funds. They expressed their appreciation to the community for its steadfast support and reassured users that measures are in place to lessen the fallout from this alarming security incident.

On January 1, 2024, the blockchain platform Orbit Chain suffered a significant security breach, resulting in an extraordinary loss of $86 million across various cryptocurrencies including Ether, Dai, Tether, and USD Coin. This incident has prompted serious discussions regarding the platform's security measures and the protection of user assets. Web3 ecosystem The breach was first identified by the blockchain intelligence company Arkham, which noted a rapid and severe drop in Orbit Chain’s funds from $115 million down to just $29 million.

What We Know So Far About the Attack?

In response, Orbit Chain quickly collaborated with the Korean National Police Agency (KNPA) and the Korea Internet and Security Agency (KISA), which specializes in addressing threats posed by North Korea. They took proactive measures by freezing all assets under the control of the Orbit Bridge team to attempt to recover the misappropriated user funds. cryptocurrencies Although the identities and origins of the attackers remain unknown, troubling signs suggest they may be advanced state-sponsored hackers operating out of North Korea. This incident mirrors previous cyberattack patterns associated with North Korean hacking factions like Lazarus, which have been implicated in numerous cryptocurrency-related breaches throughout 2023.

As this situation develops, the wider cryptocurrency community is keenly observing the implications of such a high-profile attack on the security framework of the industry.

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Kumar is an adept Tech Journalist focusing on the dynamic intersections of AI/ML, marketing technology, and emerging sectors like cryptocurrency, blockchain, and NFTs. With more than three years of industry experience, Kumar has built a solid reputation in crafting engaging narratives, conducting enlightening interviews, and delivering in-depth analyses. His expertise is evident in producing impactful content, including articles, reports, and research papers for leading industry platforms. With a distinctive combination of technical acumen and storytelling prowess, Kumar excels at conveying complex technological ideas to diverse audiences in a clear and captivating way. North Korea Binance Concludes USDC Integration on Sonic Network, Now Live for Deposits

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