The crypto world woke up to a major setback as cybercriminals exploited Orbit Bridge, a vital bridging service within the cross-chain protocol Orbit Chain. Reports suggest the theft has a staggering $82 million in major tokens. The breach confirmed by Orbit Chain on Monday, occurred just hours before the dawn of the new year, leaving the crypto community grappling with the implications.
Orbit addresses crypto hack
The attackers targeted Orbit Bridge, managing to compromise its security and make off with a huge sum across different digital assets. The stolen funds include 30 million USDT, 9,500 ETH (equivalent to $21.6 million), 10 million USDC, 10 million DAI, and 230.88 WBTC (approximately $9.8 million). Despite the magnitude of the attack, Orbit Chain has yet to provide detailed information about the incident.
Orbit Bridge addressed the situation in a post, stating, “Dear Orbit Bridge Users, An unidentified access to Orbit Bridge, a decentralized Cross-chain protocol, was confirmed on Dec-31-2023 08:52:47 PM +UTC. Further information regarding the issue will be updated.”
What’s next?
The protocol assured users that a comprehensive analysis is underway, collaborating with cybersecurity experts, including Theori, to identify the root cause of the breach. Moreover, Orbit Chain is actively involved with international law enforcement agencies to address the incident, emphasizing its commitment to resolving it.
In light of the breach, Orbit Chain warned users against engaging with any reimbursement claims circulating, categorizing them as scams. Users are urged to rely exclusively on updates from the official @Orbit_Chain account for correct details, it added.
This high-profile crypto hack raises concerns about the security of decentralized protocols and the ongoing challenges faced by the crypto industry in safeguarding user assets. This comes in when the market is waiting for a Bitcoin ETF approval.
VanEck adviser Gabor Gurbacs suggests that the launch of spot Bitcoin may have a limited initial impact on Bitcoin. He estimated net inflows of around $100 million from largely recycled money from large institutional investors. However, he anticipates the potential for trillions of dollars to enter the cryptocurrency sector over time as these funds gain popularity.
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