The post Orbit Bridge shock; $82M exploit hits cross-chain protocol appeared first on Coinpedia Fintech News
As the world bid farewell to 2023, hackers made a grand entrance into the new year by executing a massive $81.7 million exploit on Orbit Chain’s bridging service, Orbit Bridge. The exploit whose details are yet to be unfolded, hit just three hours before the stroke of midnight and has sent shockwaves through the crypto community.
On December 31st, a pseudonymous Twitter user raised the alarm about a potential exploit pointing to significant outflows from the Orbit Chain Bridge protocol. Blockchain sleuth Officer CIA and cybersecurity firm Cyvers echoed this concern and confirmed the hack.
Arkham Intelligence, a blockchain analytics platform, reported that the hackers successfully siphoned off a staggering $81.68 million in ill-gotten gains.
Compensation measures introduced
Orbit Bridge due to the recent exploit, is issuing a compensation distribution to all users. The team has
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