Orbit Chain was attacked by a Hacker, causing a loss of $80 million, raising alarms about the security of cross-chain bridges.

robot
Abstract generation in progress

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.

How did the Orbit Chain theft of $80 million happen, the first major case of the year?

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.

How did Orbit Chain lose 80 million USD in the first major case of the year?

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.

How did the Orbit Chain theft of $80 million happen, the first major case of the year?

How did the Orbit Chain theft of $80 million happen, the first major case of the year?

How did the Orbit Chain theft of $80 million happen, the first major case of the year?

How did the Orbit Chain theft of 80 million USD happen?

How did Orbit Chain get hacked for 80 million dollars, the first major case of the year?

How did the theft of $80 million from Orbit Chain happen, the first major case of the year?

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).

Orbit Chain was hacked for $80 million, how did the first major case of the year happen?

How did Orbit Chain lose 80 million USD? The first major case of the year?

How did the $80 million theft of Orbit Chain happen, the first major case of the year?

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.

How did the $80 million theft of Orbit Chain happen, the first major case of the year?

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.

How did Orbit Chain lose 80 million USD in the first major case of the year?

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 5
  • Share
Comment
0/400
CryptoGoldminevip
· 07-15 18:51
Data speaks for itself, in the first two quarters, this type of Hacker attack has caused a loss of 320 million, and the profit ratio is declining.
View OriginalReply0
MEVSandwichVictimvip
· 07-14 06:31
Someone is playing people for suckers again.
View OriginalReply0
GateUser-a606bf0cvip
· 07-12 19:11
Cross-chain security is always a big pit.
View OriginalReply0
RugPullProphetvip
· 07-12 19:03
New Year gift, right?
View OriginalReply0
NftCollectorsvip
· 07-12 19:03
Typical hacker art performance, indeed cross-chain bridges deserve to be at the peak of contemporary digital art.
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)