Ozys, a South Korean blockchain technology firm, has accused its former chief information security officer (CISO) of weakening the company’s firewall settings. This alleged action preceded an $81.5 million heist on the Orbit Bridge, a cross-chain protocol developed by Ozys.

Internal Security Breach Precedes Major Hack

Ozys claims that the former CISO, who had resigned voluntarily, made unauthorized changes to the firewall on November 22, just two days after their resignation request. The changes went unnoticed until January 10, leaving the system vulnerable. This revelation came to light after an unidentified entity transferred substantial amounts of various cryptocurrencies from Orbit Bridge to multiple new wallets on January 1.

The breach led to the transfer of a significant amount of cryptocurrency: $50 million in stablecoins (30 million USDT, 10 million DAI, and 10 million USDC), 231 wrapped Bitcoin (wBTC) valued at around $10 million, and 9,500 Ether, approximating $21.5 million. These assets were moved in six separate transactions, shaking the foundations of trust in the security of cross-chain protocols.

Orbit Bridge Exploit Investigations

Following this breach, Ozys has taken legal action against the former CISO and sought a police investigation into their potential involvement in the hack. Additionally, the company is not ruling out the involvement of the notorious North Korea-backed Lazarus Group. To this end, Ozys has engaged Theori, a cybersecurity firm, and notified the National Intelligence Service.

Ozys’ Commitment to Asset Recovery

Ozys CEO Choi Jin-han has expressed the company’s unwavering commitment to addressing this crisis.

“We will mobilize all resources, no matter how long it takes, to track down the attacker and work tirelessly to freeze and recover the seized assets,” Choi stated.

He assured that the company would update users with a recovery plan as soon as it becomes available.

Following the hack, Ozys has been actively monitoring the situation, with the stolen cryptocurrencies remaining unmoved from the addresses where they were transferred. The company has collaborated with global crypto trading platforms, security firms, and law enforcement agencies to track and recover stolen assets.

In light of these events, Ozys is also reinforcing its security measures. The company works closely with Theori, a cybersecurity firm, the Korea Internet & Security Agency, and South Korean police to bolster its defenses and prevent future breaches.

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The post Orbit Bridge Exploit Linked to Ex-Ozys Chief’s Firewall Breach appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am