Wed. Feb 21st, 2024

Orbit Chain Starts The Year With An $82 Million Hack. They Say It Was North Korea

Orbit Chain hack

✍️ 2 January, 2024 – 11:49 👤 Editor: Jakub Motyka

Orbit Bridge, the Orbit Chain protocol service, has been the victim of a hacker attack that has resulted in a loss of 82 million dollars.

The attack was first detected by X (formerly Twitter) user Kgjr, who pointed out a series of big departures from the Orbit Chain Bridge protocol. Hackers have taken a total of $81.68 million in illicit funds.

The hacker attack on Orbit Chain takes away 82 million dollars

The transactions in the Orbit Bridge hacker attack have involved 30 million dollars in Tether (USDT), 10 million dollars in USD Coin (USDC), 21.7 million dollars in Ethereum (ETH), 9.8 million dollars in Wrapped Bitcoin (WBTC) and $10 million in Dai (DAI), all transferred to new wallets.

Taylor Monahan, Product Manager at Metamask, has dropped that responsibility for the attack would lie with North Korean hackers. He assures that this is a new attack that will put billions of dollars “on a silver platter” to hackers in that country.

Orbit Chain, launched in South Korea in 2018, is a multi-asset blockchain that primarily focuses on transfers between different decentralized networks, and is typically used to transfer assets between compatible networks. Ethereum Virtual Machineand Klaytn.

It is understood that Orbit Chain has strong ties to the Klaytn network, a modular layer 1 blockchain. According to data from the Klaytn block explorer, eight of the largest assets on the Klaytn network by market capitalization are assets wrapped in Orbit Bridge​​​.

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Jakub Motyka is an editor and cryptocurrency expert with an outstanding professional profile in the field of digital finance and blockchain technology. His career includes extensive experience writing and editing content related to the world of cryptocurrencies, covering a wide range of topics from technical and market analysis to technological developments and emerging trends in the industry.
Jakub Motyka
Follow me
Jakub Motyka

By Jakub Motyka

Jakub Motyka is an editor and cryptocurrency expert with an outstanding professional profile in the field of digital finance and blockchain technology. His career includes extensive experience writing and editing content related to the world of cryptocurrencies, covering a wide range of topics from technical and market analysis to technological developments and emerging trends in the industry.

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