The cross-chain DeFi protocol, Orbit Chain, has suffered an exploit that caused a loss of nearly $82 million in different crypto assets.
On January 1, Orbit Chian shared that its cross-chain bridge was attacked with an unidentified access. The attack was identified by several users who noted that the hacker transferred massive amounts of crypto assets from Orbit Bridge, including ETH, WBTC, DAI, USDT, and USDC.
The Orbit team said that they had requested major cryptocurrency exchanges to freeze assets as well as collaborate with security experts to track funds. The team has also contacted law enforcement agencies to track down the attacker entity and freeze stolen assets.
While the attack was ongoing, users reached out to the Orbit team and asked to cancel transactions that were not confirmed. Moreover, users have also raged as Orbit also froze other tokens’ transactions. The team, however, seems to have not answered any users’ queries.
SpotOnChain, an onchain research firm, noted that the hacker stole approximately $81.6 million from Orbit Chain and swapped 30 million USDT and 230.9 Wrapped Bitcoin (WBTC) for 17,250 ETH. The hacker currently holds $83.64 million of stolen assets on different addresses, which includes $63.6 million in ETH and $20 million in DAI – according to SpotOnChain data.
This DeFi attack took place on the first day of this year, and it raised concerns regarding DeFi security. Last year, crypto users lost nearly $2 billion in hacks, with the majority of funds not being recovered.
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