Orbit Chain Issues Warning to Users After Hack Attack

Orbit Chain recently informed the users regarding an unauthorized breach of the platform. As per the security notification hackers were able to steal millions of dollars’ worth of digital assets. At the same time, attackers flooded the network with scam repayment offers.

Orbit is a cross-chain bridge that recently confirmed that it has suffered from an unverified access breach on 31st December. The platform posted on X noting that it is currently conducting an investigation of the incident.

The platform is set to locate the root cause of the breach and collaborate with a cybersecurity startup called Theori.

At the same time, the platform further noted that it is also working with investigators from international law enforcement agents. Arkham Intelligence, a blockchain analytics platform noted that around $81.68 million in the form of different types of digital currencies such as Tether, USDC, Ethereum, Wrapped Bitcoin, and Dai were stolen during the attack.

Orbit also warned investors to beware of any scam reimbursement offers that have started to make rounds on social media platforms using hacked accounts appearing with similar names and handles.

Investigation of Canceled Transactions

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The attack on the Orbit chain has affected the operations of the platform as well. On this account, various users on Orbit have taken to social media to ask the admins regarding the canceled transactions.

One user on the platform noted that transactions were still pending and were not approved by validator. Furthermore, affected users also ask the admins to refund the lost amount.

According to another user, the platform noted that users on the platform were confused and on edge. The disgruntled user claimed that account users are annoyed on account of delayed transaction validation.

The statement further noted that no one was answering their requests. Orbit Chain admins have not responded to the questions from users thus far. The platform started operating in 2018 out of South Korea as a cross-chain bridge for multi-asset and decentralized blockchains. It is used to transfer assets on Ethereum Virtual Machine compatible networks.

Hackers Continue to Attack DeFi Protocols

The end-of-the-year report published by analysts from Immunefi noted that around $1.8 billion were stolen by Web 3.0 hackers and scammers during 2023. 17% of the stolen amount was attributed to North Korean hacking group called Lazarus.

Furthermore, peer-to-peer trading platform Mixin Network was the second largest DeFi exploit of 2023. This attack led to a loss of $200 million in various types of digital currencies. Radian Capital, a cross-chain lending protocol has halted services on Arbitrum following $4.5 million exploit.

As per cybersecurity reports, hackers targeted the new stablecoin trading market. The platform notified users that the admins have received complaint from the protocol. Beosin, a blockchain security platform noted that attacks used flash loan that exploited rounding issued in the programming. This exploit led to precision error.

In this manner, attackers were able to siphon funds by placing various transaction orders. Another cybersecurity platform noted that the error took place in Compound/Aave coding on account of rounding issue. The analysts noted that hackers used time window error.

As per Arbitrum block explorer Arbisscnner report, hackers were able to siphon $4.5 million in the form of ETH. Radiant has temporarily halted lending and borrowing services on Arbitrum and informed investors that additional funds are not at risk.

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