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Orbit Bridge Protocol Hacked: Over $81.5 Million Lost

Orbit Bridge Protocol Falls Victim to Hack Worth Over $81.5 Million

The Orbit Bridge inter-chain protocol, which facilitates asset transfers between different blockchains, was recently hacked, resulting in a loss of $81.5 million worth of cryptocurrencies. The hack was discovered after suspicious outgoing transactions were identified.

The breach was reportedly detected by a user named “Kgjr.”

According to initial reports, the stolen assets include $50 million worth of stablecoins (consisting of $30 million in Tether, $10 million in DAI, and $10 million in USDC), 231 wBTC (approximately $10 million), and 9,500 ETH (around $21.5 million).

Furthermore, the stolen funds were subsequently transferred in five distinct transactions to new crypto wallets.

The Nature of the Hack Remains Unknown

The exact nature of the hack is still unclear, and Orbit Chain officials have not yet issued an official statement.

It is worth noting that Orbit Bridge is closely linked to the Klaytn ecosystem, with nine out of the top ten tokens on the network being assets wrapped by Orbit Bridge.

In conclusion, this incident raises concerns about the security of inter-chain bridges and their vulnerability to attacks.

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