Orbit Chain, a blockchain platform that enables cross-chain interoperability and data oracle services, has suffered a major security breach on its cross-chain bridge protocol, resulting in the loss of $81.5 million worth of cryptocurrencies and stablecoins.
According to a tweet from Orbit Chain’s official account, the hack occurred on December 27, 2023, at around 10:00 UTC, when an unknown attacker exploited a vulnerability in the bridge smart contract and drained the funds from the bridge’s reserve pool.
Orbit Chain said that it has suspended all deposits and withdrawals on the bridge, and is working with security experts and law enforcement agencies to investigate the incident and recover the funds.
The platform also assured its users that it will fully compensate them for their losses, and will release more details and updates soon.
Orbit Chain’s cross-chain bridge is a protocol that allows users to transfer assets between different blockchains, such as Ethereum, Binance Smart Chain, Polygon, Solana, and others.
The protocol uses a network of validators and relayers to verify and execute the cross-chain transactions. It locks the original assets in a reserve pool on the source chain while issuing equivalent wrapped tokens on the destination chain.
The hack of Orbit Chain’s bridge is the latest in a series of attacks on cross-chain bridge protocols, which have emerged as one of the top security risks in the crypto industry.
This story is still developing, and more details will be updated as the situation progresses.
As of this report’s writing, the Orbit Chain’s official handle on X has stated that it is still working with global security experts, including Theori, to respond to issues and track funds in real time.
They are also in multiple discussions with 26 global security companies about closer collaboration.