Orbit Chain, a South Korean platform designed to act as a multi-asset blockchain hub, revealed a massive breach on December 31, 2023.
The company disclosed an “unidentified access to Orbit Bridge,” its decentralised cross-chain technology, which resulted in the theft of more than $80 million in cryptocurrency.
Orbit Chain revealed specifics of the theft in a series of posts on X, saying the hacker employed cryptocurrency mixer Tornado Cash to fund an initial Ethereum wallet before attacking Orbit Chain’s Ethereum vault. Last year, Tornado Cash made headlines when its co-founders were charged with money laundering. The stolen funds were then transferred to a number of Ethereum wallets. Orbit Chain’s Bridge balance fell from $115 million to $31 million between December 31 and January 1, according to blockchain analytics company Arkham Intelligence.
Orbit Chain stated in a post on X earlier this week (2 January) that the stolen assets “remain unmoved” at the time of publishing and that the team is constantly tracking the stolen funds.
“Orbit Chain team has developed a system[…]Content was cut in order to protect the source.Please visit the source for the rest of the article.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
Read the original article:
Liked it? Take a second to support IT Security News on Patreon!
orbit chain loses cross chain bridge
