Orbit Bridge Faces $81.4 Million Security Breach and Reimbursement Scam
The post Orbit Bridge Faces $81.4 Million Security Breach and Reimbursement Scam appeared on BitcoinEthereumNews.com.
An illegal breach at 08:52:47 PM +UTC on December 31, 2023, stole $81.4 million in cryptocurrency from decentralized cross-chain technology Orbit Bridge. This significant security breach shocked the cryptocurrency community, leading Orbit Bridge to examine the damage. The loss is $81.4 million due to “unidentified access” to Orbit Bridge. Since it used interchain communication to move assets, the site was vulnerable to currency theft. 🚨Urgent🚨 Dear Orbit Bridge Users, An unidentified access to Orbit Bridge, a decentralized Cross-chain protocol, was confirmed on Dec-31-2023 08:52:47 PM +UTC. Further information regarding the issue will be updated. — Orbit Chain (@Orbit_Chain) January 1, 2024 Reimbursement Scam Surfaces During the Breach Orbit Bridge’s aggressive collaboration with law enforcement and cybersecurity specialists to reduce the hack and improve security is notable. However, it shows the persistent difficulty of safeguarding blockchain networks from current cyberattacks. The consequences may inspire a blockchain security rethink and increased prevention. As the platform is still finding the cause of this security breach, some scammers are trying to manipulate users. Scammers are spreading fake reimbursement announcements to fetch the account details of users. The platform has issued warnings and warned users not to engage in such activities. Orbit Bridge encouraged customers to be cautious after the security issue. Consumers should only trust official Orbit Chain messages and avoid illegitimate sources for accurate information. Orbit Bridge Reveals Illicit Transactions Security and blockchain experts noticed massive withdrawals after the incident. In five transactions, Orbit Bridge found illicit transfers of 30 million USDT, 10 million DAI, 10 million USDC, 231 wrapped Bitcoin (wBTC), and 9,500 Ethereum (ETH). These trades revealed several assets and showed vulnerability. SlowMist, a blockchain security business, and LookOnChain, an on-chain intelligence service, detected the attack quickly. Rapid detection of massive withdrawals helped them assess and address the problem. Orbit Bridge…
Filed under: News - @ January 1, 2024 11:20 am