Just hours before the onset of the new year, hackers targeted Orbit Bridge, the cross-chain bridging service of Orbit Chain, and successfully made away with a staggering $82 million.
Upon discovering the exploit, the project promptly suspended the cross-chain bridge contract and initiated on-chain negotiations with the attackers, as reported by Beosin Alert, an on-chain analytics platform.
Concerns about a potential exploit were initially raised by a pseudonymous Twitter user, Kgjr, on December 31, who pointed out significant outflows from the Orbit Chain Bridge protocol.
According to blockchain analytics platform Arkham Intelligence, the hackers executed five distinct transactions, transferring $30 million in Tether (USDT), $10 million in USD Coin (USDC), Ethereum (ETH), 231 Wrapped Bitcoin (WBTC), and $10 million worth of the algorithmic stablecoin DAI to new wallets.
Orbit Chain Facilitates Cross-Chain Transfers Between Decentralized Networks
Orbit Chain, a South Korean-based multi-asset blockchain, is well-known for its role in facilitating cross-chain transfers between various decentralized networks, especially EVM-compatible networks and Klaytn. Notably, the protocol has strong ties to the Klaytn network, with eight of the largest assets on Klaytn being wrapped assets on the Orbit Bridge.
Upon news of the exploit, the native coin of Orbit Chain (ORC) experienced a drop of as much as 19%. At the time of writing, the coin is trading at $0.0576, with the price continuing to decline, according to Coingecko data. The incident has evidently impacted the market sentiment and valuation of Orbit Chain’s native token.
