Wed. May 22nd, 2024
Bitcoin thiefs

🔍 Key Takeaways:

  • Orbit Bridge, a key player in the Orbit Chain protocol, faces a sophisticated hack.
  • Hackers drain a staggering $82 million in a meticulously orchestrated attack.
  • Five transactions, including stablecoins and wrapped Bitcoins, contribute to the massive loss.
  • Orbit Bridge’s tight integration with Klaytn intensifies the impact on the broader blockchain community.

🌐 The Cosmic Heist Unveiled:

In a plot twist just hours before the new year, Orbit Bridge, the cross-chain bridging service of Orbit Chain, falls prey to a cosmic-scale hack. The breach’s fallout? A jaw-dropping loss of $82 million, sending shockwaves through the cryptocurrency space.

💸 The Great Escape:

The perpetrators conducted five flawlessly executed transactions, funneling $50 million in stablecoins—30 million Tether, 10 million DAI, and 10 million USDC—into fresh wallets. But the thievery didn’t stop there. The cosmic culprits also made off with 231 wBTC (wrapped Bitcoins) valued at $10 million and 9,500 Ethereum, totaling around $21.5 million.

🚨 Orbit Bridge: A Complex Web Unraveled:

Orbit Bridge’s close association with the Klaytn ecosystem adds layers to the complexity. Nine out of Klaytn’s top ten tokens are wrapped assets from Orbit Bridge, amplifying the breach’s ripple effect across the broader blockchain community.

💬 Community in Chaos: Expert Insights:

On December 31, eagle-eyed Twitter users, including Kgjr, Officer CIA, and cybersecurity firm Cyvers, sounded the alarm on significant outflows from Orbit Chain Bridge. Initial investigations by SlowMist hint at potential vulnerabilities or server compromises, triggering a comprehensive inquiry.

🛡️ Orbit Chain Fights Back:

Responding to the hack, Orbit Chain acknowledges an “unidentified access” to the bridge, vowing to collaborate with law enforcement for justice. As the investigation unfolds, the community is cautioned against circulating fake reimbursement claims.

🚀 Orbit Chain: A Stellar Journey Stalled:

Launched in 2018 in South Korea, Orbit Chain aimed to soar high in the blockchain galaxy, specializing in cross-chain transfers. Now, the protocol faces turbulence, testing its resilience in the face of adversity.

🌌 Conclusion: The Cosmic Odyssey Continues:

As the crypto space grapples with this cosmic setback, Orbit Chain and its community embark on a journey of recovery. The hunt for answers and justice unfolds, reminding us that even in the vastness of the crypto cosmos, security remains paramount. Stay tuned for updates in this unfolding cosmic saga.

By Prim

Related Post