Security News > 2024 > January > Orbit Chain loses $86 million in the last fintech hack of 2023
Orbit Chain has experienced a security breach that has resulted in a loss of $86 million in cryptocurrency, particularly Ether, Dai, Tether, and USD Coin.
Orbit Chain is a blockchain platform designed to function as a multi-asset hub, supporting interoperability between various blockchains, decentralized applications, and services.
The first unauthorized transaction of a series of drain attacks involving multiple asset types and performed by unidentified hackers occurred on December 31, 2023, at 9:07:59 PM UTC. Blockchain intelligence platform Arkham reports that Orbit Chain's balance went from $115M to $29M instantly, meaning that the losses are estimated to be about $86,000,000.
Orbit Chain says it is working with the Korean National Police Agency and Korea's Internet and Security Agency, which specialize in North Korean threats.
The stolen funds from the recent Orbit Chain hack are being tracked with the help of multiple international partners, and an extensive effort is underway to freeze the stolen assets.
Orbit Chain is also warning that scammers are using verified accounts on X to promote phishing sites pretending to be refund portals to trick people into connecting their wallets.