Orbit Suspends Cross-Chain Bridge Contract After $82M Exploit

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Orbit ChainOrbit Chain
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Simply hours earlier than welcoming the brand new 12 months, hackers exploited Orbit Bridge, the cross-chain bridging service of Orbit Chain, making off with a staggering $82 million.

The mission quickly suspended the cross-chain bridge contract and initiated on-chain negotiations with the attackers, as reported by Beosin Alert, an on-chain analytics platform.

Considerations a couple of potential exploit have been first raised by pseudonymous Twitter person Kgjr on December 31, who highlighted vital outflows from the Orbit Chain Bridge protocol.

Blockchain analytics platform Arkham Intelligence revealed that the hackers orchestrated 5 separate transactions, transferring $30 million in Tether (USDT), $10 million in USD Coin (USDC), Ethereum (ETH), 231 Wrapped Bitcoin (WBTC), and $10 million price of the algorithmic stablecoin DAI to contemporary wallets.

Orbit Chain Facilitates Cross-Chain Transfers Between Decentralized Networks

Orbit Chain, a South Korean-based multi-asset blockchain, is famend for facilitating cross-chain transfers between varied decentralized networks, notably EVM-compatible networks and Klaytn. Notably, the protocol has sturdy ties to the Klaytn community, with eight of the most important belongings on Klaytn being wrapped belongings on the Orbit Bridge.

The native coin of Orbit Chain (ORC) dropped as a lot as 19% upon the information of the exploit. On the time of writing, the coin is buying and selling at $0.0576, with the worth persevering with to fall, as per Coingecko data.

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