The recent attack on Orbit Chain’s cross-chain bridge has resulted in nearly $100 million worth of cryptocurrency being stolen in December, making it the fifth-highest month for hacks in 2023. The exploit targeted the bridging service of Orbit Chain, a cross-chain protocol launched in South Korea in 2018. The breach occurred on December 31st, leading to an unauthorized access to the ecosystem. In response, the Orbit Chain team has requested major global cryptocurrency exchanges to freeze the stolen assets and is working closely with law enforcement agencies to track down and recover the stolen funds.
Overall, the total losses due to hacks, scams, and exploits in 2023 ranged between $1.51 billion and $2 billion. September and November were particularly devastating, with over $700 million lost during those two months alone. Some notable hacks include Mixin Network losing $200 million in September, Poloniex and HTX/Heco Bridge experiencing the largest exploits in November with losses of $131.4 million and $113.3 million respectively. However, it is worth noting that compared to 2022, there has been a significant decline in hacks, phishing scams, and rug pulls, with total losses decreasing from approximately $4.38 billion to $1.4 billion in 2023.
Despite the decrease in losses, the security of the cryptocurrency industry remains a concern, and efforts are being made to strengthen security measures and prevent future attacks. The collaboration between blockchain security firms and law enforcement agencies is crucial in tracking down and recovering stolen assets, as well as deterring potential hackers. The year 2023 serves as a reminder of the importance of robust security protocols and constant vigilance in the ever-evolving landscape of cryptocurrencies.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Euler Finance, HTX/Heco Bridge, Beosin, CertiK, Mixin Network, Multichain, Orbit Chain, PeckShield, Poloniex |
| Currencies | None |
| Securities | None |
