Arbitrum #Orbit is on the verge of revolutionizing the blockchain world. Presented by Offchain Labs, this toolkit facilitates the integration of layer-3 blockchains onto Arbitrum's layer-2 networks. So how does this technological advancement impact users and developers?What is a Layer-3 Chain?Layer-3 chains emerge as a higher evolution of #blockchain technology. Layer-2 solutions, developed in addition to basic layer-1 blockchain networks, allow for faster and more economical transactions. Layer-3, on the other hand, optimizes these advantages, providing quick and effective solutions to the needs of users and developers.Benefits Brought by Arbitrum OrbitThe biggest advantage of Arbitrum Orbit is simplifying and accelerating the user onboarding process. This allows new users to adapt to the system more comfortably. Moreover, it grants developers greater freedom, allowing them to develop faster and customized solutions compared to the traditional Arbitrum chains governed by DAO.Broader ImplicationsSuccessful integration of Arbitrum Orbit into the mainnet could have profound implications for Ethereum's Layer-2 scaling solutions. By offering faster and more economical solutions compared to the Ethereum network, Arbitrum might further solidify Ethereum's leadership.Customized Layer-3 Chain Use CasesCustomized layer-3 chains developed with Arbitrum Orbit can be used in various sectors. In industries like finance, health, and education, solutions specific to sectoral needs can be developed, benefiting from the transparency, security, and speed provided by blockchain technology.In this rapidly evolving era of blockchain technology, innovative solutions like Arbitrum Orbit pave the way for the industry to advance even further. With its user and developer-friendly features, #Arbitrum Orbit is poised to secure a significant position in the blockchain universe.

At the outset of the new year, a significant security incident occurred when the bridging service Orbit Chain recorded a cyber attack resulting in the theft of financial assets amounting to $81.7 million.
Hackers Managed to Infiltrate Orbit Bridge
Hackers successfully exploited Orbit Bridge, a key component of the cross-chain communication protocol #Orbit Chain, with reports of the $82 million theft surfacing just three hours before the official arrival of the new year.
 

 
Early Warning of Unauthorized Transactions
An alert came on December 31st via platform X (formerly Twitter), where pseudonymous user Kgjr signaled potential misuse. This user pointed out a series of unusually large withdrawals from the #OrbitChain Bridge. Additional details were provided by online detective Officer CIA and blockchain security firm Cyvers.
 Amount Obtained by Hackers According to Arkham Intelligence
Data from the analytical service Arkham Intelligence indicate that the total amount of funds illegally obtained by hackers is approximately $81.68 million.
 

 
Orbit Chain's Connection with Klaytn
Orbit Chain is closely linked to the #Klaytn (KLAY) blockchain network, which is a modular first-layer blockchain. The eight main assets in the Klaytn network, which constitute the largest market capitalization, are integrated via Orbit Bridge.
 Still Unknown Mechanism of Exploit
Details of the exploit remain unclear. The outlet Cointelegraph attempted to obtain a statement from both Orbit Chain and Klaytn but did not receive an immediate response.
 Background of Orbit Chain
Orbit Chain, established in South Korea in 2018, is a multi-asset blockchain specializing in cross-chain transfers between various decentralized blockchains. It primarily serves for transferring assets between EVM-compatible networks and Klaytn.
Not to Be Confused with Orbiter Finance
👉It's important to note that Orbit Chain is a separate entity from another cross-chain bridging protocol called #OrbiterFinance , which shares a similarly sounding name.
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