Web3 security experts believe that the cross-chain project Orbit Chain lost around $81 million as the hackers gained access to seven out of ten multisig signers.
While the world was busy celebrating New Year’s Eve, the hackers were draining funds from yet another project.
Orbit Chain Investigates Root Cause of Hack
Orbit Chain informed the Orbit Bridge users regarding the hack incident. It wrote:
“An unidentified access to Orbit Bridge, a decentralized Cross-chain protocol, was confirmed on Dec-31-2023 08:52:47 PM +UTC.
Further information regarding the issue will be updated.”
The project says that it is conducting a comprehensive analysis to identify the root cause of the hack. Additionally, it informed users that it is engaging with international law enforcement agencies.
Due to the hack, the price of the native token – ORC- has been down by nearly 20% in the past 24 hours. The screenshot below shows that it is currently trading at $0.057
A threat researcher on X – @officer_cia believes that attackers might have accessed seven out of ten multisig signers.
Multisig wallets offer multiple private keys to access the crypto asset. In Orbit Chain’s case, there are a total of ten private keys. The transaction goes through successfully only if a specific number of key holders sign it.
Read more: What Are Multisig Wallets and How Do They Work?
Also, as per @officer_cia, the hackers stole the following assets:
30 million USDT
10 million USDC
10 million DAI
230.879 Wrapped Bitcoin (WBTC) worth $9.7 million
9500 Ethereum (ETH) worth $21.7 million
In total, the bad actors stole assets worth approximately $81.5 million. Not to mention, the hackers funded their fresh wallets through deposits from Tornado Cash.
Beware of Scammers
While the hackers have already stolen over $81 million from Orbit Chain, other scammers are trying to conduct phishing scams. The screenshot below shows that many scammers are impersonating Orbit Chain on X, asking the users to click on a link to claim reimbursement of the amount lost to the hack.
On careful notice, one can figure out that the scammers’ username has the wrong spelling of Orbit Chain. Shockingly, the scammers have a gold checkmark with a square profile picture indicating an official organization account. Whereas the original Orbit Chain account does not even have a Blue checkmark.
The company has strictly informed the users that the accounts claiming reimbursement are fake.
Read more: Crypto Social Media Scams: How to Stay Safe
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