Orbit Eyes Stolen $82 Million Recovery with Amped Efforts 

The stolen assets, which have remained unmoved since the hack, are being actively monitored.

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  • Cross-chain Bridge protocol Orbit recently suffered a major hit.
  • The protocol has initiated efforts aimed at recovering the stolen funds.
  • Orbit Chain has collaborated with law enforcement agencies.

The cryptocurrency industry has long grappled with the persistent threats of scams and cyberattacks, evidenced by the recurrent assaults on entities and investors. On December 31, cross-chain protocol Orbit Chain suffered a major cyberattack, resulting in losses exceeding millions.

The protocol has initiated collaboration with law enforcement agencies in response and efforts to facilitate potential recovery.

Orbit Targets Asset Recoup

On Tuesday, January 2, Orbit Chain revealed its ongoing efforts to unveil the malicious actor(s) behind the estimated $81.5 million drain from its protocol.

The protocol asserted that it had developed a system for investigation support and cause analysis with the Korean National Police Agency and Korea Internet & Security Agency (KISA), enabling a proactive and comprehensive investigation approach. 

Orbit has requested global crypto trading platforms to freeze the stolen assets and is collaborating with over 26 global security firms to amp up recovery efforts.

Furthermore, the cross-chain protocol has initiated communication with the attackers through on-chain messages, signifying the protocol’s willingness to negotiate terms and potentially offer a bounty. 

The stolen assets have remained unmoved following the hack, spread across eight separate wallet addresses, and are being actively monitored.

Read on the expected timeline of the SEC’s verdict on Bitcoin ETFs:
Bitcoin ETF Approval Unlikely This Week, Expert Predicts

To find out more about how hackers moved this year, read here:
324,000 Crypto Investors Fell Prey to Phishing Scams in 2023

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
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.