The cross-chain project Orbit Chain experienced a major exploit just before the new year, resulting in an $82 million loss. The attack targeted the Orbit Bridge, causing a nearly 20% drop in the ORC token’s price.
The exploit was revealed by a user named Kgir on X, noting significant outflows from the Orbit Chain Bridge protocol. Blockchain sleuth Officer CIA and Cyvers also raised concerns. Orbit Chain acknowledged the breach, vowing to provide details after identifying the root cause and collaborating with law enforcement.
Blockchain analytics from Arkham Intelligence disclosed that hackers accessed seven of ten multisig signers, stealing $82 million in assets, including USDT, USDC, ETH, WBTC and DAI. Orbit Chain’s connection to the Klaytn Network was highlighted, with eight of Klaytn’s largest assets wrapped on the Orbit Bridge.
Post-hack, the ORC token’s value dropped nearly 20%, now trading at $0.057, a 20.37% decrease in 24 hours.
Amid phishing scams impersonating Orbit Chain on X, users are warned to avoid fraudulent reimbursement links, as the official account lacks a blue tick. Vigilance is urged in the aftermath of the exploit.
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