🔥🔥🔥 Orbit Suspends Cross-Chain Bridge Contract After $82M Exploit: Beosin 🔥🔥🔥
In the final hours before the new year, hackers targeted Orbit Bridge, the cross-chain bridging service of #OrbitChain , seizing a substantial $82 million.
The project swiftly responded by suspending the cross-chain bridge contract and engaging in 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 flagged significant outflows from the Orbit Chain Bridge protocol.
Blockchain analytics platform Arkham Intelligence detailed that the hackers executed five separate transactions, moving $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, a South Korean-based multi-asset blockchain renowned for facilitating cross-chain transfers between decentralized networks, particularly EVM-compatible networks and Klaytn, suffered a notable setback. The protocol, closely associated with the Klaytn network, where eight of the largest assets are wrapped on the Orbit Bridge, witnessed a significant drop in the value of its native coin (ORC). ORC plummeted by as much as 19% upon news of the exploit. Presently, the coin is trading at $0.0576, with its price continuing to decline, according to Coingecko data.
Source - Jai Pratap @jai-pratap
Website - Cryptonews
