g into question the security of the cryptocurrency industry. The recent cyberattack on Orbit Chain, which resulted in the theft of over $80 million, highlights the ongoing challenges faced by blockchain projects when it comes to safeguarding user funds.
Orbit Chain, a cross chain bridge project, experienced the attack on Monday, during which the attacker gained access to the Orbit Bridge and siphoned off approximately $84.5 million. The stolen funds consisted of 26,741.6 ETH held across five addresses, valued at around $64.5 million, and nearly $20 million worth of the stablecoin DAI held in three other addresses.
In response to the attack, Orbit Chain promptly identified the stolen funds and reported the incident via a tweet. The project assured its users that the stolen funds remain untouched and that its team is constantly monitoring the assets. Orbit Chain also stated that it is in close contact with law enforcement agencies and is actively trying to communicate with the attacker.
To aid in the recovery process, Orbit Chain has developed a system for investigation support and cause analysis in collaboration with South Korea's National Police Agency and Internet Security Agency (KISA). The project has also requested that crypto exchanges freeze the stolen assets and is working with blockchain security firm Theori, among others, to track the funds in real-time.
Security firm ChainLight has been engaged to conduct a comprehensive analysis of the exploit, further emphasizing Orbit Chain's commitment to understanding the attack and preventing future breaches. However, the project has yet to publish a detailed account of how the exploit occurred.
Interestingly, when speculation arose that North Korean hackers might be behind the attack, Orbit Chain acknowledged that the possibility has also crossed their minds. North Korea has been implicated in various crypto-related hacks, allegedly stealing over $3.4 billion worth of cryptocurrencies, including significant hacks in 2023. U.S. Senator Elizabeth Warren has even claimed that North Korea used stolen crypto to finance its nuclear weapons program.
Decrypt has reached out to Orbit Chain, Theori, and ChainLight for comment on the cyberattack and its aftermath. This article will be updated should they respond.
The cyberattack on Orbit Chain serves as a stark reminder of the persistent threats faced by blockchain projects and the importance of robust security measures. As the cryptocurrency industry continues to evolve, it is imperative that projects prioritize the safety of user funds and work diligently to prevent such attacks in the future.
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