Orbit Chain loses $81M in 1st major hack of 2024

Orbit Chaina cross chain protocol compatible with multiple networks, was affected by a hack and lost the equivalent of 81 million dollars at crypto.

Turning the New Year into a nightmare for the decentralized finance platform Orbit Chain. Shortly before midnight, the underwent an attack on its Ethereum L1 vault, leading to the loss of $81.5 million in USDT, USDC, WBTC and ETH.

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On X, Orbit Chain is quickly returned to the hack and said it was in contact with the major crypto exchanges in an attempt to freeze the stolen funds.

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In a message published yesterday, the protocol dedicated to the transfer of assets between multiple blockchain networks, announced that the South Korean authorities had opened an investigation.

In order to resolve this issue, Orbit Chain will use all available methods to track down the hackers and recover the funds,” the team added, stating that it had recently identified “an important clue in the process of tracing the stolen funds”.

Tonight, another DeFi, Radiant Capitalwas attacked. The crypto lending protocol built on LayerZero and supported by Binance Labs has lost 4.5 million in ethers.

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