Share this article
Orbit Chain Loses $81M in Cross-Chain Bridge Exploit
The hacked funds remain "unmoved" according to Orbit Chain.
Updated Mar 8, 2024, 7:17 p.m. Published Jan 2, 2024, 12:39 p.m.
Make us preferred on Google
Orbit Chain, a platform that communicates and transacts with various blockchains, has lost $81 million after hackers exploited the platform's cross-chain bridge.
The project confirmed the hack in a post on X, saying a hacker funded a wallet using sanctioned privacy protocol Tornado Cash before attacking Orbit Chain's ethereum [ETH] vault. Proceeds of the hack were then sent to numerous Ethereum wallets. These wallets currently hold 26,741.6 ETH ($64 million) and around $18 million of the dai [DAI] stablecoin.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Orbit Chain added that the funds are "unmoved."
DefiLlama data shows that total value locked (TVL) on Orbit Chain dropped from $152 million to $71 million, with net outflows equalling $81.88 million.
The platform's native token [ORC] slumped by more than 13% after the exploit. It has since recovered back to a $36 million market cap, according to CoinMarketCap.
Cryptocurrency users lost nearly $2 billion to scams, rug pulls and hacks in 2023, researchers at security app De.Fi said in their annual report. While that's roughly half the amount of 2022, it's a sign that the industry remains susceptible to security risks,
Metamask developer Taylor Monahan said the Orbit attack follows similar patterns to hacks carried out by North Korean hackers Lazarus Group, which has stolen $3 billion through hacks and exploits over the past six years, according to cybersecurity firm Recorded Future.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Optimism governance approves OP token buyback plan tied to superchain revenue
The proposal links the OP token more directly to the economic performance of the Superchain.
What to know:
- Optimism’s governance has approved a proposal that links the OP token more directly to the economic performance of the Superchain, marking a notable shift in how one of Ethereum’s largest layer 2 ecosystems approaches token value and revenue use.
- The proposal passed with 84.4% of votes in favor, according to Optimism’s onchain governance portal, after several days of discussion among delegates and tokenholders
Top Stories
