Pierluigi Paganini
January 03, 2024
Orbit Chain has suffered a security breach that has resulted in the theft of more than $81 million worth of cryptocurrency.
Orbit Chain is a multi-asset blockchain platform that connects various blockchains through Inter-Blockchain Communication (IBC). It aims to become a hub for the seamless transfer of assets and data between different blockchain ecosystems.
The company launched an investigation into the incident with the help of the Korean National Police Agency and Korea Internet & Security Agency (KISA).
“Orbit Chain team has developed a system for investigation support and cause analysis with the Korean National Police Agency and KISA (Korea Internet & Security Agency), enabling a more proactive and comprehensive investigation approach. Furthermore, we are also discussing close cooperation with domestic and foreign law enforcement agencies.” states the company in a message posted on X.
It also hired the blockchain security company ChainLight.
The unauthorized transactions began on December 31, 2023.
Researchers from blockchain security firm CertiK also alerted of suspicious withdrawals from the multi-asset blockchain platform.
Orbit Chain is working with other cryptocurrency exchanges in an attempt to freeze the stolen crypto assets.
Some experts speculate the attack was launched by North Korea-linked actors who were involved in many other attacks against organizations in the cryptocurrency industry over the last years.
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