Crypto Losses in December Nears $100M With Orbit Chain Breach

• Orbit Chain’s bridging service, Orbit Bridge, reported on December 31 at 8:52 pm UTC.
• $1.51 billion and $2 billion in total crypto losses occurred in 2023.

There was an assault on Orbit Chain’s cross-chain bridge recently, which led blockchain security organizations to estimate that about $100 million worth of cryptocurrency was stolen in December.

According to PeckShield, December saw the fifth-highest number of attacks in 2023, owing to the $81.5 million Orbit Bridge cross-chain bridge vulnerability, which was announced on January 1st. According to the report, this exploit ranked as the ninth most common attack on a cross-chain bridge in the previous three years.

Launched in South Korea in 2018, the cross-chain protocol Orbit Chain’s bridging service, Orbit Bridge, reported on December 31 at 8:52 pm UTC that it had been hacked as a result of an illicit breach of access to its ecosystem.

Moreover, major worldwide cryptocurrency exchanges were asked by the Orbit Chain team to seize the stolen funds, as stated on January 1st.

The team stated:

“We are in close contact with law enforcement agencies, and we are working diligently to track down and freeze the assets that have been stolen.”

Significant Loss

Blockchain security companies PeckShield, CertiK, and Beosin estimated that between $1.51 billion and $2 billion in total crypto losses occurred in 2023 as a result of hacks, frauds, and vulnerabilities. Also, data from PeckShield shows that the months of September and November were the most disastrous, with losses of approximately $700 million.

The Mixin Network lost $200 million in September, while Poloniex and HTX/Heco Bridge had the worst losses in November, at $131.4 and $113.3 million, respectively, due to exploits. In March, hackers stole $197 million from Euler Finance, and in July, they stole $125 million from Multichain, two other major attacks that happened that year.

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