Orbit Chain confirms hacking, warns of fraudulent payment offers
Cross-Chain Bridge OrbitChain confirmed that it experienced an unauthorized ecosystem access violation on December 31 at 8:52 PM UTC.
Orbit Chain posted on X (formerly Twitter) that it is currently conducting a “comprehensive analysis” of the cause of the breach with cybersecurity startup Theory.
Currently, a comprehensive analysis is underway to identify the root cause of this issue with theory.
We are actively communicating with international law enforcement agencies.
— Orbit Chain (@Orbit_Chain) January 1, 2024
It is “actively engaging” with international law enforcement agencies, he said.
Blockchain analytics platform Arkham Intelligence reported that the losses totaled around $81.68 million across various cryptocurrencies, including Tether (USDT), USD Coin (USDC), Ether (ETH), Wrapped Bitcoin (WBTC) and Dai (DAI).
Orbit has warned users not to fall for any fraudulent refunds, which have started circulating on social media through accounts with the same name handles.
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Orbit users have slowly started taking to the platform on social media to request cancellation of transactions and refunds. A user said their transaction is still awaiting verification.
Can you please delete pending transactions/connection attempts? I didn't know you guys got hacked and I want my tokens back. The transaction has not yet been verified by the authenticator. please.
— 0xwisp (@Wisp0x) January 1, 2024
Another user posted that users are confused and waiting for validators “on the edge”, no one is answering questions.
Please answer the question when connecting authenticators. Moreover, most transactions for completely different tokens are now expected to take 24 hours. Can you please the auditors in advance? People are confused and on edge. No one answers. Comments are closed.
– I studied ❤️ Memecoin (@KTutkin72296) January 1, 2024
Orbit Chain has not officially responded to any of these user requests.
The platform was launched in 2018 in South Korea as a multi-resource blockchain for cross-chain transactions between decentralized networks. It is often used to transfer assets between Ethereum virtual machine-compatible networks and the cloud.
According to a year-end report from Blockchain Security Platform, $1.8 billion will be lost to Web3 hackers and fraudsters by 2023. About 17% of this amount can be attributed to the Lazar group of North Korean hackers.
The attack on peer-to-peer trading platform Mixin Network was the biggest exploit of the year, with a total loss of more than $200 million.
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