The Last hack of the year 2023

[jrrsparkles]

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

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.

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[Husires]

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 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.

Orbit Chain added that the funds are "unmoved."

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.

[Kelward]

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.

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.

[jrrsparkles]

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 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.

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.

[ajiz138]

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?

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.

[GlacierBIT]

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.

[Rengga Jati]

Orbit Chain, a platform that communicates and transacts with various blockchains, has lost $81 million after hackers exploited the platform's cross-chain bridge.

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.

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?

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.

[Fundamentals Of]

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.

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. 

[khiholangkang]

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.

[Bushdark]

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.

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.

[Belarge]

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.

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.

[arjunmujay]

~snip~
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?

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.

[AnonBitCoiner]

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.