Orbit Chain Faces $86 Million Cryptocurrency Loss in Security Breach

January 2, 2024

Orbit Chain, a blockchain platform supporting interoperability between blockchains and decentralized applications, has suffered a security breach resulting in an $86 million loss in cryptocurrencies, including Ether, Dai, Tether, and USD Coin. The unauthorized transactions occurred on December 31, 2023, and have signs of sophisticated state-sponsored attackers, potentially linked to North Korea. Orbit Chain is collaborating with Korean authorities, and efforts are underway to freeze the stolen assets. Scammers are also using verified accounts on X to promote phishing sites, posing as refund portals to trick users into connecting their wallets, leading to asset and NFT drainages. In 2023, wallet drainers stole $295 million from over 320k victims, with notable cases including Inferno Drainer and MS Drainer.

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