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Orbit Chain was attacked by a Hacker, causing a loss of $80 million, raising alarms about the security of cross-chain bridges.
Orbit Chain project suffers attack, losses reach up to 80 million USD
On New Year's Day 2024, the cross-chain bridge platform Orbit Chain suffered a hacking attack, resulting in losses of approximately $80 million. This incident highlights the importance of blockchain security, especially in complex systems like cross-chain bridges.
According to the analysis, the attacker successfully transferred a large amount of assets by directly calling the withdraw function in the Bridge contract of Orbit Chain. This function uses a signature verification mechanism to ensure the legitimacy of the transaction, requiring at least 70% of the administrators (a total of 10) to sign the withdrawal transaction for it to be executed.
The attack process is divided into two stages. First, the attacker conducted a small-scale probe on December 30, and then used the obtained ETH to provide transaction fees for subsequent large-scale attacks. On the evening of December 31, the attacker launched a comprehensive attack on various cryptocurrencies of the Orbit Chain project, including DAI, WBTC, ETH, USDC, and USDT.
The stolen funds were mainly transferred to five different addresses. This includes stablecoins worth $50 million (30 million USDT, 10 million DAI, and 10 million USDC), 231 wBTC (approximately $10 million), and 9,500 ETH (approximately $21.5 million).
This incident once again emphasizes the importance of security in blockchain systems. Developers need to pay special attention to the security of contract code, follow best practices and security standards, and avoid common vulnerabilities. At the same time, strong authentication mechanisms, multi-signature, and strict permission management are also key measures to protect asset security.
Currently, the Orbit Chain project team has suspended the cross-chain bridge contract and is in communication with the attacker. This incident serves as a wake-up call for the entire blockchain industry, reminding practitioners that while pursuing innovation, they must not overlook the fundamental issue of security.