Orbit Cross-Chain Bridge Hit for $82 Million

Orbit Bridge kicks off the new year as the first crypto protocol to suffer from a hack.

Hacker sitting infront of a digital globe, making transactions.
Created by Gabor Kovacs from DailyCoin
  • 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.

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

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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.