Orbit Chain suffered a security breach which resulted in the loss of $86 million in cryptocurrency, particularly Ether, Dai, Tether, and USD Coin.
Orbit Chain is a blockchain platform designed to function as a multi-asset hub, supporting interoperability between various blockchains, decentralized applications (DApps), and services.
The platform is not directly used by investors to buy assets or services but is more of a blockchain infrastructure project that supports the broader ecosystem.
The unidentified hackers first exploited the protocol in a series of drain attacks involving multiple asset types on December 31, 2023.
According to blockchain intelligence platform Arkham, the Orbit Chain’s balance went from $115M to $29M instantly, which means the losses are estimated to be about $86,000,000.
The nature of the exploit leveraged by the hackers to perform the attack remains unknown.
Although the attackers’ identity and origin are not determined, they are believed to be based out of North Korea.
Orbit Chain is working with the Korean National Police Agency and Korea’s Internet and Security Agency (KISA), which specialize in North Korean (DPRK) threats.
Blockchain experts point out that Orbit Bridge is an Ozys project, which also owns Belt Finance and KlaySwap, both previously hacked, likely by sophisticated state-sponsored actors who employed Border Gateway Protocol (BGP) hijack.
The stolen funds from the recent Orbit Chain hack are being tracked with the help of multiple international partners, and an extensive effort is underway to freeze the stolen assets.
Orbit Chain is also warning that scammers are using verified accounts on X to promote phishing sites pretending to be refund portals to trick people into connecting their wallets.
However, once a wallet is connected, malicious scripts will drain all assets and NFTs from the wallet.
Image Credits : Walletinvestor
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