Bitcoin Forum

Orbit Chain, a platform that communicates and transacts with various blockchains, has lost $81 million after hackers exploited the platform's cross-chain bridge.
The project confirmed the hack in a post on X, saying a hacker funded a wallet using sanctioned privacy protocol Tornado Cash before attacking Orbit Chain's ethereum (ETH) vault. Proceeds of the hack were then sent to numerous Ethereum wallets. These wallets currently hold 26,741.6 ETH ($64 million) and around $18 million of the dai (DAI) stablecoin.
Orbit Chain added that the funds are "unmoved."

Orbit Chain Loses $81M in Cross-Chain Bridge Exploit (https://www.coindesk.com/business/2024/01/02/orbit-chain-loses-81m-in-cross-chain-bridge-exploit/)
https://www.talkimg.com/images/2024/01/02/sX7MJ.png

In crypto history every year is filled with lots of hacks and scams and 2023 is no exception as far as I know this is the last hack of the year 2023. And my question is will there be a year with no such hacks?

I don't think there will be any year without any hacks. Doesn't matter how strong you make something, if the right person chooses to exploit it, he can do it. Everything on the internet is a piece of codes. If a person knows how it works, they can always create something to stop that workflow and get into the back door in order to hack it. As I mentioned previously, it has to be the right person to do it.

Anything that is on the internet could be hacked and there's no surprise there. For that reason I don't think that will be anytime or any year in which we won't see any hacks. Targeting the cryptocurrency market is much profitable than targeting other things. And that's why people will keep trying to hack these things. Just make sure you take appropriate precautions for keeping your assets safe.

Cryptocurrency is one of the major targets of hackers. Based on the hacks we've experienced in the network, I think it's becoming really easy for hacker to penetrate. I don't know for sure if its because most of the projects are open source that's why, but the hacks are becoming too frequent. I don't think hackers are planing of ending this process any time sooner. Just as tjtonmoy said, the best option for us all, is to maximize our security even if it  doesn't guarantee us a 100% security, take the best security measures by keeping your assets in a wallet rather than keeping them in an exchange.

Hack will never be ending as long as it is being done by people and they can't be all stopped on this because the more some into this were being apprehended others are also coming to join and so it all continue this way, we are the one to make sure that we know what we are doing, we must avoid any possible means of making use of a centralized institution to hold our financial assets because they are not also secured or free from being hacked, why are we then seeking safety in where vulnerability is the order of the day.

I would say it is upside down, the hackers will become useless once people learn about the importance of internet security which is much lacking in the current era even though we are connected to the internet 24/7. Maybe they will learn over time from their mistakes from the past but its a long path and its not the best choice cause it could at least take a century to learn in that way.

The importance of privacy, internet security and many more things should be added into the curriculum of academics in the school itself to see the change more rapidly.

Major hacks in the cryptocurrency ecosystem space are popular in the forum every year but I didn't hear this one from the main boards. Or is it because the hack is for altcoin? The amount they hacked form the company [Orbit] is very big. I don't know why ball this cryptocurrency companies are careless about their website security. If you are dealing with a financial services in the internet, you have to more proactive to secure your services because definitely hackers must attempt to hack it. Even physical banks arm robbers attack so no financial institution or company is saved in anywhere.

Hacking now is norm for them. Every year we must hear one hacking to another. I believed it was last year Stake.com was also hacked.

We can't totally avoid the fact that hacking is already a part of online fraud.
As softwares are getting advanced, these scammers will always find a way to siphon the funds of the site.
The very reason why business owners should allocate funds for their security as it is not a wasted allocation.
I don't think hacking will stop anytime soon, this will just be a part of online business that they need to take care of.

Hacking will will never stop. Those who developed the good software are the same people that also developed the hacking software. And government officials use these hackers not do work for them. I think there was a hacking issue in my country last year and a government officials were involved in the act. Most of these hacking are sponsored by politicians and big business men to undo their business partners.

Capitalism is the cause of all these because businessmen are trying to compete with their counterparts in profit making and they want to over take them so they have to do something to subdue them. Hacking will only die with human beings.

I thought that I will be seeing the year without this type of news. But I was wrong.

Sadly, it seems that this becomes a normal thing yearly. We will see them with small or huge hacks since these exploiters and hackers will never stop in targeting these platforms they see some loop holes.

This is unfortunate news as Orbit Chain was the last scam to conclude in 2023, and the stolen funds were not small; the ORC currency also experienced a rapid decline of over 5% immediately following this incident.

It is worth noting that there are new updates on the official Orbit platform's account  ^{[1] (https://twitter.com/Orbit_Chain/status/1742196896796708904)}, suggesting that their team identified a significant clue lead in tracking the stolen funds just hours ago. Their team and developers seem to be attempting to address this matter, and we hope they succeed. However, this underscores the importance for everyone to enhance the security of their wallets and revoke any platforms to which the wallet is linked, and not to place massive capital on one wallet and the primary wallet that carries the capital must not have relied upon to sign transactions and interact with the DApp because scammers are everywhere. No platform is 100% secure. Perhaps if the platforms’ security and development team intensifies their efforts, increases security, and addresses loopholes, the scam rate will reduce in 2024, but in my opinion, it will not end.

It's not the websites that are getting hacked. It's the cross bridge attack, which is most famous attack vector for hackers and yet people keep on moving money on those. Stake also is very different thing as centralized service. But at least centralized services afford to get hacked from time to time as they don't keep everything on hot wallets and they have people monitoring the any anomalies all the time. Which mean they can shut down accounts and block attacks.

I understand this threat on centralized services. But decentralized finance should the leading edge for financial security. That's the main reason it exist, yet people keep on playing with experimental questionable tech like cross bridges.

Cross-chain protocols are on the rise in 2023 and will likely continue despite what happened to Orbit. It's really unfortunate but this reminds us the fact there are still point of attacks to these "decentralized" platforms. It's another call for these developers to look into their product and fix any loophole that could be exploited.

This hack just happened in time and caught the 2023 train just before it finally left. And just like that, another bridge has fallen. The list has already been long and I don't think Orbit Chain is the last to succumb. Cross-chain bridges may be helpful but highly risky. People should be avoiding it.

In 2022 alone, there were already at least 13 cross-chain bridges that were hacked and billions were lost. It continued last year, with Multichain losing $125 million. The final day also had the final hack with a damage of $81 million. I hope 2024 will have low numbers in terms of hack and stolen funds.

A really never ending thing on which hacks and exploits would really to continue as long everything is really that built up by codes. There no such thing about perfect security and there would really be those loopholes that might be discovered and this is where security things do kicks in. I can say that we do have least hack incidents as of this year comparing into those previous ones. We've been able to see still have those hacks in the past
even though the numbers are less into that year 2023 but still a devastating one. This is why its never been that recommended on storing up your coins into something which you dont possess the keys or
even into those bridges on which i dont really have that much confidence on making use of it.

Somewhat it is really something unavoidable on not to make use of these services knowing that it is really that always been part on day to day transactions specially if you are an active
trader or investor on which you would really be making use of these things.

I doubt there would be a year where hack will not happen. Developers should need to first work on the vulnerability and loophole of thier product. They should check the issues before deploying thier blockchain. Since the Ethereum in those wallets have not moved yet. The developer still can retrieve the hacked amount if they can contact the hackers. In the past Matic was able to get it's hacked amount by contacting the hacker and rewarding him.

It is good to know that the team is investigating on the hack and got a clue but I am afraid they can never recover the stolen funds from the hackers because it happened very rarely in crypto history and some of them are even only due to negotiating with the hacker and offering certain percentage as rewards and clean money if they return the hacked funds.

Honestly, the development team should offer the bounty to identify the security exploits in the preliminary stages to find the bugs that can be exploited.

I really thought it was Orbiter Finance that got hacked but the Orbit Chain due to similarity of name. If orbiter got hacked many have been affected that badly cause it is one of the larget bridge platform in all L1 and L2. But hearing this is too sad for Orbit Chain. $81million isnt a joke and those hackers are really trying to drain all potential target. Might be the lazarus group again?

Of course not especially that the crypto world is continuously increasing by year and getting more and more money in

In the next following years, we can anticipate hacks as we are nearing a bullish market wherein more people are gonna want to attempt to take as much money as they can
maybe in the future, cryptocurrencies would have so much security but hackers would be just as smart or even smarter and try to penetrate layers of security

The code being created by the developers of new projects simply does not go through enough eyes, and as long as that is the case hackers will steal as much money as they want since the security of that code is very low, as creating code that does something is easy, creating code that has been tested against all possible attempts hackers could make to crack it is hard, and it is obvious that most projects do not have the personnel to do this.

progress and success of crypto This is what makes the appeal of cryptocurrencies, I mean, speed, ease and simplicity to use and store blindly more and more people are storing crypto currencies. Also the gap for crime there are ways to use, do not let your guard down even if you use an easily affordable ratio of sense.

Speaking of scammers who don't transfer their stolen assets, does that mean that this perpetrator is a dirty game of former crypto dealers in the past? :(

The security developments that are always updated in cex dex or the developer of a coin must be periodic upgrades, unfortunately the loopholes are also learned by people who don't care about crime. crypto functions are very complete in providing access to cash out funds including new oracles, making people very determined to become scamers, it's terrible. hopefully there is a legal umbrella, even though crypto is anonymous but the money that is stolen is real money, yes fiat value. and it's no joke.

That is a good point, the project itself comes with flaws that hackers manage to exploit which isn't acceptable so projects should be launched only after the necessary testing period and next big this is exchanges, they play a big part in the total hacked amount so exchanges should upgrade their security to to maximum possible level.

The cross-chain bridge has become the weak points and backups that hackers will exploit. You need to trust the developers of these bridges, who, unfortunately, after hacking occurs and money is lost, no one asks them and no one compensates the customers. This is an indirect encouragement to them either by not paying attention to backups and closing them or cooperating with the hackers.

This coins will be moved in the future, they are now waiting for everyone to forget this issue and start moving the money when everyone is busy with the upcoming event.

I guess that it's not easy to hear about every major hacks in cryptocurrency, as they're occuring everytime, it's fast becoming a normal story to hear that exchanges or wallets have been hacked. I feel that so far it's human intelligence that developed these technologies, it'll also take another human intelligence to compromise the system, sometimes these hacks can even be an inside job, someone that knows their security codes or an ingenious intelligent mind that knows how the system is developed. Anyhow it's a worrisome trend and if it continues to gain ground then it'll drastically reduce the trust in the crypto industry, people will be skeptical about investing their money in any crypto related businesses. So to be on the safer side it's better to keep our coins in a none custodial wallet, instead of centralized exchanges, to minimize being among the victims of scams.

Valid point and that is why the trustless system works always best than anything. Development in the crypto currencies should be always welcomed but one who are involved in the development should be working responsibly because millions worth of money is at stake and if there is even one security bug that can be exploited then the user who trusted the system is going to be affected than anyone.

Damn $81 million is not a little money but it's a lot but according to sources from TVL $152 dropped to half after being drained by the hack, so how is the customer's funds safe?

It is not mentioned whether this is the Lazarus group or not, but they have lost a lot of money from this hack, it is certain that security is still not strong and some loopholes are always in the blockchain across the chain.

The attacks of hackers will never stop, there are so many vulnerabilities in the network that this only creates more hype for them, hacking one place motivates others to try to hack that place in other systems. There is nothing good about this, because such hackers do not have the conscience to indiscriminately steal people’s funds, realizing that they were honestly earned. Unfortunately, there are many such hackers, you want to protect yourself as much as possible from such situations.

This is the end of a year that is certainly very sad, especially for Orbit Chain devs and their users. On the last day of this year, when they should be preparing everything to even out the new year, they actually have to face this very heavy pressure, problems and things. Of course, this hack has created very bad conditions for Orbit Chain to date. Moreover, this also has an impact on the price of their native token, namely ORC, although now it may be starting to struggle again.

It seems that hacks will always exist, especially in this digital world which is very vulnerable to cyber crimes. Many people take the opportunity to do this. Even though you have tried to set a high security system, there will still be gaps that can be optimized by hacks, or there are several other things that support the occurrence of these hacks. Yes, it's clear, whatever it is and whoever is the victim of platform hacks, this will usually have an immediate impact on investors.

We don't have to use bridges actually. We can do the basic conversions if we want to use another network with our funds. But it would be more expensive and inconvenient. Cross-chain bridges are supposed to address this hassle, but it seems they are the ones that are now becoming a headache. Rather than solving a solution, cross-chain bridges have become a big problem itself. The damage that it caused is probably big enough for crypto users to consider going back to basic. 

It is true that there is no year without hacking in the crypto currency industry, but as time goes by the future of crypto networks or projects, because with this the developers are increasingly concerned and understand the shortcomings of their projects and will continue to fix all hacking gaps that may occur in their projects. , so far it is still very vulnerable to hacking. Therefore, be smart and look for a place where hacking is minimal, especially when storing your assets, using a cold wallet is the safest step so far, never use an exchange to store your assets, the safety of your assets is much more important, unless you are only making transit assets or will make an exchange.

what happened to Orbit is very regrettable.

Maybe many exchange and wallets including cryptocurrency projects would have to be alert and be careful on how they operate.
Any small loopholes could cause a bigger problem to the team of any project. Hacking is something that might never stops even if the government comes in. All we ha e to do is for us to be prepared and make sure we take decisions that would help us to grow and be a better decision maker. Scams are still ongoing and their are ways we can tackle this avoid unnecessary dramas.

I give them their credits, despite Hackers channeling their efforts to ensure they grab profits and food from the mouth of hardworking investors and traders. Hackers will not rest because they targets the crypto market to become one of the top targets for the system, surviving is definitely on the long path. Hackers have nothing to worry about because catching victims is consider easy on their end, they're genius on this path and generating phisphing mails which will be sent to traders, mostly not everyone have an idea about how these these things works and they easily become victims of the system.

Hacking will continue forever, especially since hackers already know the value of cryptocurrency is so great. Even just one hack if they find access to crypto wallets will be very profitable for them.

Yes in present age as the cryptocurrency is going to be more successful the hackers are becoming more active because they wants to get access towards the wallet of holders so then they can easily achieve benefit from it. Now a days every coin is getting expensive so if they steal one of coin they can take profit easily. If someone wants to get rid of hackers so they should keep their security strong as we will do our best for ourselves because hackers never stop to find a way of stealing someone's money.