Orbit Chain's bridge reportedly hacked for $81.5 million

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The Block2023/12/31 22:41

By:The Block

Quick Take Orbit Chain’s cross-chain bridge has reportedly been hacked for $81.5 million in cryptocurrencies and stablecoins. The exact nature of the hack is unknown.

Orbit Chain's bridge reportedly hacked for $81.5 million image 0

Orbit Bridge, a cross-chain bridge protocol, has seen unusual outflows of $81.5 million in several cryptocurrencies in what appears to be a major hack.

In five separate transactions, each to a fresh wallet, the Orbit Bridge sent $50 million in stablecoins (30 million Tether, 10 million DAI, and 10 million USDC), 231 WBTC (about $10 million), and 9,500 eth (about $21.5 million).

The bridge appears to have close ties to the Klaytn KLAY -1.51% ecosystem; Klaytn's explorer shows that 9 of the top 10 tokens on the network by circulating market cap are Orbit Bridge wrapped assets.

The exact nature of the hack remains unknown, and Orbit Chain was unable to be immediately reached for comment by The Block.

This is a developing story.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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