Orbit Chain’s security breach resulted in over $80 million in losses
Key Takeaways
- Orbit Chain confirmed a security breach worth more than $80 million on December 31.
- Users are advised to be wary of fraudulent reward offers.
- This incident is part of a broader pattern of significant security issues within the Web3 space, highlighting the need for stronger security measures.
orbital chainA popular service that facilitates cross-chain transactions, We recently announced a security breach within our network.. This incident occurred at 8:52 PM (UTC) on the last day of December. Caused significant anxiety among the user base.
On January 1, the company announced: is under thorough investigation About the cause of infringement, in collaboration with cybersecurity startup Theori. Also, Orbit Chain Communicate with various international law enforcement agencies To resolve the situation.
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Blockchain analytics firm Arkham Intelligence said the damage from this breach was significant. Estimated loss of approximately $81.68 million Available in Tether (USDT), USD Coin (USDC), Ether (ETH), Wrapped Bitcoin (wBTC), and Dai (DAI).
After this infringement incident, Orbit Chain warned users To avoid falling victim to fraudulent repayment offers It started circulating on social media, especially through accounts mimicking the company’s name.
Founded in Korea in 2018, Orbit Chain is well known as a multi-asset blockchain. Facilitating transactions between decentralized networksSpecifically, the Ethereum Virtual Machine compatible network and Klaytn.
This violation of Orbit Chain is One of the worrying trends in the Web3 space. A recent report from blockchain security platform Immunefi highlighted: In 2023, the Web3 sector recorded losses of $1.8 billion due to hacking and fraud activities..
It is worth noting that there is a notorious North Korean hacking group. The Lazarus Group holds approximately 17% of the stolen funds.. The largest reported exploits of the year Mixin Network Suffers Losses In Exceeding $200 Million.
This incident highlights the growing need for enhanced security and vigilance in the cryptocurrency and blockchain sectors and highlights the vulnerabilities of these emerging technologies.
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