Orbit Chain Loses $81M in Cross-Chain Bridge Exploit
Orbit Chain, a blockchain communication and transaction platform, suffered a loss of $81 million due to a hack exploiting its cross-chain bridge. The hacker used a wallet funded by Tornado Cash, a sanctioned privacy protocol, to attack Orbit Chain's Ethereum vault. The stolen funds, which include 26,741.6 ETH ($64 million) and around $18 million of the DAI stablecoin, were sent to various Ethereum wallets and remain unmoved. Following the hack, the total value locked on Orbit Chain fell from $152 million to $71 million, and its native token ORC dropped by over 13%. Despite recovering to a $36 million market cap, the incident highlights ongoing security risks in the cryptocurrency industry. In 2023, users lost nearly $2 billion to scams, rug pulls, and hacks. The Orbit attack is similar to those conducted by North Korean hackers Lazarus Group, which has stolen $3 billion over the past six years.
