Cross-chain Orbit Bridge reportedly suffers $82M exploit

Hackers have reportedly exploited Orbit Bridge, the bridging service of the cross-chain protocol Orbit Chain, for a total of $82 million, just three hours out before ringing in the new year. 

In a Dec. 31 post to X (formerly Twitter), pseudonymous Twitter user Kgjr drew attention to the potential exploit, pointing to a series of large outflows from the Orbit Chain Bridge protocol. Onchain sleuth Officer CIA and blockchain security firm Cyvers have posted similar information. 

Looks like orbit bridge is getting drained right now, different fresh wallets for wbtc usdt usdc and dai, test tx's showup on orbit bridge scanner but bigger ones doesnt. Wallets bellow pic.twitter.com/zlUbT0HrO2

— Kgjr (clueless333) (@KGJRTG) December 31, 2023

According to data from blockchain analytics platform Arkham Intelligence, the hackers appear to have made off with a total of $81.68 million in ill-gotten funds.

In five separate transactions, $30 million in Tether (USDT), $10 million in USD Coin (USDC), 9,500 Ether (ETH), 231 Wrapped Bitcoin (WBTC), and $10 million worth of the algorithmic stablecoin DAI (DAI), were all transferred to fresh wallets. 

The Orbit Chain protocol is understood to have strong links to the Klaytn network (KLAY) — a modular layer-1 blockchain. According to data from Klaytn's block explorer, eight of the largest assets on the Klaytn network by total market cap are wrapped assets on the Orbit Bridge.

The nature of the exploit remains unknown. Cointelegraph contacted Orbit Chain and Klaytn for comment but did not receive an immediate response.

Related: Kyber Network axes workforce by 50% one month after $49M exploit

Launched in South Korea in 2018, Orbit Chain is a multi-asset blockchain that focuses primarily on cross-chain transfers between different decentralized networks. It is typically used to transfer assets between EVM-compatible networks and Klaytn. 

Orbit Chain is a distinct entity from cross-chain bridging protocol called Orbiter Finance, which shares a similar sounding name.

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