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Crypto losses near $100 million after orbit bridge exploit

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TL;DR

  • The Orbit Bridge hack in December caused nearly $100 million crypto losses, making it one of the worst months.
  • On New Year’s Eve, Orbit Bridge was breached, leading to $81.5 million in stolen cryptocurrencies.
  • Crypto community and law enforcement join forces to recover stolen assets, highlighting the need for stronger security in crypto.

Blockchain security experts have reported that the total losses due to hacks, scams, and exploits in the crypto world for the month of December 2023 have reached nearly $100 million, driven by a significant attack on Orbit Chain’s cross-chain bridge. This exploit has placed December among the top months for cryptocurrency breaches in 2023.

On New Year’s Eve, an unprecedented cyberattack targeted Orbit Chain’s cross-chain bridge, resulting in the theft of approximately $81.5 million worth of cryptocurrencies. PeckShield, a reputable blockchain security firm, disclosed this alarming breach and noted that it had contributed significantly to the escalating losses in December.

This incident marked the ninth-highest hack targeting a cross-chain bridge within the past three years, indicating the severity of the breach and the challenges faced by blockchain security experts in combating such attacks.

Orbit bridge: A brief overview

Orbit Bridge is an integral part of the cross-chain protocol provided by Orbit Chain, a South Korean project established in 2018. The protocol facilitates interoperability and the seamless transfer of assets between different blockchain networks. However, on December 31, 2023, at 8:52 pm UTC, the platform fell victim to an unauthorized breach of its ecosystem, resulting in the substantial loss of assets.

Following the breach, the Orbit Chain team swiftly took action, announcing their immediate efforts to mitigate the damage and recover the stolen assets. In a public statement, they stated, “We are in close contact with law enforcement agencies, and we are working diligently to track down and freeze the assets that have been stolen.”

This collaborative approach with law enforcement agencies highlights the gravity of the situation and underscores the commitment of the crypto community to combat cybercriminals and recover stolen funds.

Crypto hacks in December 2023: A disturbing trend

The breach of Orbit Bridge is just one of many incidents that have plagued the crypto world in December 2023. Blockchain security experts have noted that it was the fifth-highest month for crypto hacks during the entire year. This disturbing trend underscores the urgent need for enhanced security measures within the cryptocurrency ecosystem.

As the crypto market continues to gain popularity and adoption, it has also become an attractive target for malicious actors seeking to exploit vulnerabilities. These incidents not only impact individual investors but also undermine trust in the entire cryptocurrency ecosystem.

Blockchain security firms, like PeckShield, remain at the forefront of this ongoing battle against cybercrime. Their role in identifying and reporting such breaches is crucial in safeguarding the interests of crypto enthusiasts worldwide.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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James Kinoti

A crypto enthusiast, James finds pleasure in sharing knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. The latest innovations in the crypto industry, crypto gaming, AI, blockchain technology, and other technologies are his preoccupation. His mission: be on track with transformative applications in various industries.

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