Orbit Bridge Hack Confirmed, Over $81.5 Million Lost in Cryptocurrency Assets

Orbit Bridge Hack Confirmed

Orbit Bridge, an inter-blockchain bridging protocol, has confirmed that it was recently exploited, losing over $81.5 million in several assets, including USDT, DAI, USDC, WBTC, and ETH. Orbit Chain is trying to communicate with the group responsible for the attack and has asked cryptocurrency exchanges to freeze stolen assets.

Orbit Bridge Hacked, Losses Registered for Over $81.5 Million

In one of the first hacks of 2024, Orbit Bridge, an interoperability blockchain solution, faced an attack that drained over $81.5 million in cryptocurrency assets. First detected by X user Kgjr, who alerted about a possible asset drain, the incident allowed hackers to withdraw $30 million in USDT, $10 million in USDC and DAI, in addition to almost 231 WBTC and 9,500 ETH, to five different fresh wallets.

Orbit Chain’s team has acknowledged the incident and is trying to contact the attackers, sending two messages with undisclosed intentions. In the same way, Orbit announced that it requested the help of all major exchanges to freeze these funds.

On X, Orbit declared:

We are in close contact with law enforcement agencies, and we are working diligently to track down and freeze the assets that have been stolen.

Due to the method used, X sleuth Tay has linked this hack with the work of North Korean hackers, alerting that 2024 might be a year of billion of dollars in incidents linked to these groups. Orbit has acknowledged the possibility of this link, explaining that “following a thorough review of the claim, an appropriate response plan will be developed.”

Orbit also called for users to be vigilant against scams that promise to refund and reimburse any losses caused by the hack, clarifying that any new information regarding this incident will be shared through appropriate channels.

Recent reports revealed that at least $1.7 billion was lost in this kind of incident during 2023.

What do you think about the Orbit Bridge hack and its possible relation with North Korean groups? Tell us in the comments section below.

Source: Bitcoin

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