The Recent Exploit on Orbit Chain
The recent exploit on Orbit Chain has attracted attention as the attackers successfully converted their stolen funds into Ethereum (ETH), resulting in an additional $1.45 million in unrealized profits. This comes amidst a 4.7% surge in ETH prices over the past 24 hours.
The Cybercriminals and Their Activities
The cybercriminals responsible for the theft of approximately $81.6 million from the Orbit Chain platform just hours before the new year executed their plan with precision. They exchanged 30 million USDT and 230.9 WBTC for 17,250 ETH. This conversion, valued at $39.7 million, allowed the attackers to take advantage of the upward momentum in ETH prices.
“The attackers behind the recent Orbit Chain exploit have successfully converted their ill-gotten gains into Ethereum, amassing an additional $1.45 million in unrealized profits amidst a surge in ETH prices.” – [Author Name]
Orbit Chain later confirmed an unidentified access to Orbit Bridge, a cross-chain bridging service of the South Korean-based multi-asset blockchain. The project promptly suspended the cross-chain bridge contract and engaged in on-chain negotiations with the attackers.
Early Warnings and Investigations
The potential exploit on Orbit Chain was initially brought to attention by a pseudonymous Twitter user, Kgjr, on December 31. The user highlighted significant outflows from the Orbit Chain Bridge protocol, raising concerns about the platform’s security.
Subsequent investigations conducted by blockchain analytics platform Arkham Intelligence revealed that the hackers orchestrated five separate transactions, transferring various assets to new wallets. This highlights the level of sophistication involved in the attack.
“Concerns about a potential exploit were initially raised by a pseudonymous Twitter user on December 31. Subsequent investigations revealed the hackers’ orchestration of multiple transfer transactions, showcasing their level of sophistication.” – [Author Name]
Orbit Chain, known for facilitating cross-chain transfers between decentralized networks, particularly EVM-compatible networks and Klaytn, now faces the aftermath of this high-profile breach. As a protocol deeply integrated with the Klaytn network, the platform experienced a substantial loss, as eight of the largest assets on Klaytn were wrapped assets on the Orbit Bridge.
It remains pivotal for Orbit Chain to reassess its security measures and enhance its protocols to prevent further breaches.
