Crypto NewsNewsCryptocurrency Market Started 2024 with Hack Incident: Millions of Dollars Suspected Lost

Cryptocurrency Market Started 2024 with Hack Incident: Millions of Dollars Suspected Lost

It is claimed that Orbit Bridge, which mediates asset transfer between blockchains, was the victim of a hacking attack.

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Orbit Bridge, a cross-chain bridge service supporting more than 15 public blockchains, was hacked by an unknown attacker who removed $80 million worth of cryptocurrency from the platform.

The attacker used different new wallets for WBTC, USDT, USDC, and DAI and managed to transfer 9,500 ETH ($21,733,596 USD) from Orbit to an unknown wallet in one large transaction. The attack was detected by some users who noticed that test transactions appeared in the Orbit Bridge browser, but larger ones did not.

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The Orbit Bridge team has not yet made an official statement about the hacking incident and has not disclosed the exact amount of losses. However, some sources claim that the total losses were over $80 million, making it one of the largest cross-chain bridge hacks in history. Cross-chain bridge hacks became a common occurrence last year, with hackers exploiting vulnerabilities in bridge contracts to spoof messages and mint new tokens.

Orbit Bridge users are advised to stop using the service until further notice and monitor their wallets for any suspicious activity.

*This is not investment advice.


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