A striking security breach at 08:52:47 PM +UTC on December 31, 2023, resulted in the theft of $81.4 million in cryptocurrency from Orbit Bridge, a decentralized cross-chain technology. The breach’s impact prompted Orbit Bridge to assess the damage caused by this unauthorized access.
The breach, characterized by “unidentified access,” exploited Orbit Bridge’s interchain communication, enabling the siphoning of funds, totaling $81.4 million.
Orbit Chain promptly alerted users via Twitter, acknowledging the breach and committing to provide updates on the issue as they unfold.
While Orbit Bridge collaborates intensely with law enforcement and cybersecurity experts to contain the breach and reinforce security measures, scammers have exploited the situation. Fake reimbursement announcements circulated, prompting warnings from the platform against sharing account details with unauthorized entities.
Subsequent to the breach, suspicious transactions involving 30 million USDT, 10 million DAI, 10 million USDC, 231 wrapped Bitcoin (wBTC), and 9,500 Ethereum (ETH) were detected by security experts, indicating vulnerabilities within the system.
The swift detection by security firms SlowMist and LookOnChain allowed for a rapid response to the massive withdrawals, aiding in the evaluation and mitigation of the issue.
Collaboration between Orbit Bridge and Theori, a cybersecurity firm, identified and addressed system weaknesses, emphasizing the critical role of cybersecurity professionals in identifying and mitigating such vulnerabilities.
Investigations traced the hacker’s trail using Tornado Cash to initiate the breach and revealed wallet addresses linked to the illicit activity. Orbit Bridge is engaging with international law enforcement to address the severity of the situation, signaling a concerted effort to hold accountable those involved in such crypto sector breaches.
