Orbit Chain disclosed that there had been an illegal entry into its ecosystem, compromising cryptocurrency worth millions of dollars and leading to an influx of fraudulent settlement offers.
Chain-crossing bridge Orbit Chain has acknowledged that on December 31 at 8:52 p.m. UTC, there was an illegal breach of access to its ecosystem.
Orbit Chain said in a post on X (formerly Twitter) that it is working with cybersecurity startup Theori to perform a “comprehensive analysis” of the breach’s cause. Additionally, it declared that it is “actively engaging” with foreign law enforcement organisations.
According to blockchain analytics company Arkham Intelligence, losses in a number of cryptocurrencies, including Tether, USD Coin, wrapped Bitcoin (WBTC), and Dai, came to a total of about $81.68 million.
Orbit issued a warning to consumers, stating that they should not fall for any scam compensation offers that appear to be circulating on social media under identities that sound similar.
On social media, Orbit users have gradually begun to contact the platform, requesting that transactions be cancelled and their money returned. A user reported that their transaction was still awaiting verification.
Another user said that no one was responding to inquiries, leaving users perplexed and “on edge” while they waited for validators.
None of these user inquiries have received a public response from Orbit Chain as of yet.
As a multi-asset blockchain facilitating cross-chain transactions between decentralised networks, the platform was launched in South Korea in 2018. It is frequently used to move assets across networks that are compatible with the Ethereum Virtual Machine and Klaytn.
An annual study from blockchain security company Immunefi states that in 2023, Web3 hackers and con artists stole $1.8 billion. Of this total, the North Korean cyber group Lazarus Group can be held responsible for 17%.
With losses totaling more than $200 million, the attack on the peer-to-peer trading site Mixin Network was deemed the biggest exploit of the year.