In a major setback for the cross-chain bridge Orbit Chain, the platform has confirmed an unauthorized breach of its ecosystem on December 31 at 8:52 pm UTC. The news came to light when Orbit Chain posted a statement on X (formerly Twitter), revealing that a comprehensive analysis of the breach is underway in collaboration with cybersecurity startup Theori. The platform is also actively engaging with international law enforcement agencies to address the security incident.
Blockchain analytics platform Arkham Intelligence reported substantial losses amounting to approximately $81.68 million across various cryptocurrencies, including Tether, USD Coin, Ether, Wrapped Bitcoin (WBTC), and Dai. Orbit Chain issued a cautionary statement, advising users to be wary of scam reimbursement offers circulating on social media through accounts with similar names.
Concerned users have taken to social media to express their anxieties, with some requesting transaction cancellations and fund reimbursements. Reports suggest that transactions are pending validation, leaving users in a state of confusion and unease as they await responses from validators. Notably, Orbit Chain has yet to publicly respond to user queries.
Established in 2018 in South Korea, Orbit Chain initially gained prominence as a multi-asset blockchain facilitating cross-chain transactions between decentralized networks. The platform is commonly utilized for transferring assets between Ethereum Virtual Machine-compatible networks and Klaytn.
The breach on Orbit Chain adds to the alarming statistics in the blockchain space. According to a year-end report from blockchain security platform Immunefi, the year 2023 witnessed losses of $1.8 billion to Web3 hackers and scammers. Of this total, 17% was attributed to the North Korean hacking group Lazarus Group.
The largest exploit of the year was the attack on the peer-to-peer trading platform Mixin Network, resulting in losses exceeding $200 million. As the investigation into the Orbit Chain breach unfolds, the incident highlights the ongoing challenges and risks associated with blockchain security.
