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Orbit Chain Confirms System Breach, Issues Scam Warning

Orbit Chain has been hacked a day before the New Year and stole millions in crypto.

Orbit Chain validated the news that its ecosystem has been hacked. The cross-chain protocol said that the breach caused millions of dollars worth of cryptocurrencies to be compromised.

As per CoinTelegraph, Orbit Chain also said it is actively working with international law enforcement organizations to resolve the hacking incident and find the culprit.

Arkham Intelligence, a known blockchain analytics platform, estimated the losses to be about $81.68 million in several cryptocurrencies, including Ether (ETH), Tether (USDT), USD Coin (USDC), Dai, and Wrapped Bitcoin (WBTC).

Acknowledgment of the Cybersecurity Breach

Orbit Chain said that the illegal access to its system took place on Dec. 31 at 8:52 p.m. UTC. The company revealed the incident through a post on social media by informing users and its followers that it is currently carrying out a comprehensive analysis to determine the cause of the breach. It noted that it is working with Theori, a cybersecurity startup, for this.

The blockchain firm was founded in South Korea in 2018. Ozys, a South Korean blockchain tech company specializing in blockchain development, is behind the Orbit Chain. Orbit Chain is usually used for transferring digital assets between Klaytn and Ethereum Virtual Machine-compatible networks.

Warning of Scams Arising from the Hacking

The company also issued a warning to all users and other people who use crypto. Orbit Chain explained that a bunch of scam repayment offers have also surfaced due to the breach.

It asked people not to believe any reimbursement offers as they are the work of cybercriminals to swindle users. Orbit said that the offers have already started circulating on social media, and no one should fall for these frauds.

Meanwhile, in the latest update, Binance Square reported that Orbit Chain said the culprit’s initial funds came from Tornado Cash. The hacker was said to have sent the funds to several wallet addresses.

Photo by: FLY:D/Unsplash

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