Orbit Chain, a cross-chain bridge, suffered a significant security breach on December 31, resulting in losses totaling around $81.68 million across various crypto.
The breach has raised concerns about the blockchain industry’s security landscape in 2023, and investigations are currently underway by cybersecurity firm Theori, with international law enforcement agencies involved.
Orbit Chain, which was founded in South Korea in 2018, acts as a cross-chain bridge for asset transfers between Ethereum Virtual Machine-compatible networks and Klaytn.
Users seeking transaction cancellations and fund returns have expressed concern about the security breach, which occurred on the last day of the year. However, Orbit Chain has yet to respond publicly to these requests.
Theori, a cybersecurity firm that specializes in such incidents, is currently investigating the breach. Furthermore, international law enforcement agencies are actively investigating the security breach.
Orbit Chain is warning users about scam reimbursement offers circulating on social media, emphasizing the importance of vigilance.
The Orbit Chain security incident occurs against the backdrop of an increasing number of blockchain-related hacks and scams.
According to experts, over $1.8 billion was lost to Web3 hacks and scams in 2023, with significant contributions from groups such as the North Korean Lazarus Group.
Earlier this year, the Mixin Network suffered the largest hack, resulting in losses of more than $200 million.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.