Orbit Cross-Chain Bridge Hit For $82 Million

• Hackers kick off 2024 with a massive exploit. 
• Orbit Bridge was reportedly hit for $82 million. 
• The exact nature of the hack remains unknown. 

In an unfortunate start to the new year, hackers have hit Orbit Bridge, a bridging service for cross-chain protocol Orbit Chain, resulting in losses exceeding millions and casting a shadow over the protocol’s early days in 2024. 

Orbit Kicks Off 2024 on a Bad Note

On December 31, crypto sleuth Kgjr sounded the alarm on an ongoing hack affecting the Orbit Bridge. The 𝕏 user pointed out a series of large outflows from the Orbit Chain Bridge protocol, totaling an alarming sum of $82 million. 

According to blockchain analytics platform Arkham Intelligence , in five separate transactions, each to a new wallet, the Orbit Bridge hacker siphoned off $30 million in USDT, $10 million in USDC, and 9500 ETH valued at $22 million, 231 WBTC worth $10 million, and $10 million in DAI.

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While the exact nature of the hack remains unknown, Crypto Sleuth Officer CIA suggests that the hacker allegedly gained access to seven out of ten multi-sig signers, enabling the successful execution of the heist.

At the time of writing, the Orbit Bridge remained shut down, and there was no official communication from the protocol regarding the security incident.

On the Flipside

• This is the first hack of 2024. 
• Crypto users lost a total of ​​ $1.8 billion to hacks in 2023. 

Why This Matters

Despite its low popularity within the industry, Orbit Chain still found itself in the crosshairs of hackers, highlighting the importance of fortifying smart contracts against vulnerabilities and potential backdoors that malicious actors could exploit.

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