Hackers stole more than $81 million worth of crypto assets from Orbit Chain

Crypto platform Orbit Chain suffered a cyberattack, threat actors have stolen more than $81 million worth of cryptocurrency.

Orbit Chain has suffered a security breach that has resulted in the theft of more than $81 million worth of cryptocurrency.

Orbit Chain is a multi-asset blockchain platform that connects various blockchains through Inter-Blockchain Communication (IBC). It aims to become a hub for the seamless transfer of assets and data between different blockchain ecosystems.

The company launched an investigation into the incident with the help of the Korean National Police Agency and Korea Internet & Security Agency (KISA).

“Orbit Chain team has developed a system for investigation support and cause analysis with the Korean National Police Agency and KISA (Korea Internet & Security Agency), enabling a more proactive and comprehensive investigation approach. Furthermore, we are also discussing close cooperation with domestic and foreign law enforcement agencies.” states the company in a message posted on X.

It also hired the blockchain security company ChainLight.

The unauthorized transactions began on December 31, 2023.

0/ On December 31, 2023, at 9:07:59 PM UTC, an unauthorized transaction was detected in the @Orbit_Chain Ethereum L1 Vault, involving assets like DAI, USDC, USDT, ETH, WBTC. We are actively investigating this issue. pic.twitter.com/fKUi7bdHyk

— ChainLight (@ChainLight_io) January 1, 2024

Urgent

Dear Orbit Bridge Users,

An unidentified access to Orbit Bridge, a decentralized Cross-chain protocol, was confirmed on Dec-31-2023 08:52:47 PM +UTC.

Further information regarding the issue will be updated.

— Orbit Chain (@Orbit_Chain) January 1, 2024

Researchers from blockchain security firm CertiK also alerted of suspicious withdrawals from the multi-asset blockchain platform.

#CertiKSkynetAlert

We have seen suspicious withdrawals from @Orbit_Chain

In total, ~$82m worth of assets have been withdrawn into 5 wallets

Suspicious wallet was initially funded via a 10 ETH withdrawal through EOA 0x70462bFB204BF3CcB0560f259072F8E3A85b3512

— CertiK Alert (@CertiKAlert) January 1, 2024

Orbit Chain is working with other cryptocurrency exchanges in an attempt to freeze the stolen crypto assets.

Some experts speculate the attack was launched by North Korea-linked actors who were involved in many other attacks against organizations in the cryptocurrency industry over the last years.

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Pierluigi Paganini

(SecurityAffairs – hacking, cybercrime)