Crypto platform Orbit Chain said it is working with the Korean National Police Agency and Korea Internet & Security Agency to address a cyberattack that led to the theft of more than $81 million worth of cryptocurrency.
On the night of New Years Eve, Orbit Chain confirmed that they began to see unauthorized transactions on their platform involving several cryptocurrencies including U.S.-dollar-pegged coins USDC and USDT as well as ETH and others.
An unidentified access to Orbit Bridge, a decentralized Cross-chain protocol, was confirmed on Dec-31-2023 08:52:47 PM +UTC. Further information regarding the issue will be updated.
Orbit Chain's platform supports communication between different blockchain networks.
The company hired blockchain security company ChainLight to lead the investigation.
They asked other global cryptocurrency exchanges to freeze the stolen assets and warned customers to be wary of scams related to potential repayment of lost funds.
The company noted that it has tried to communicate with the attackers, sending them multiple messages on Monday.
It is unclear if the hackers have responded, and the company did not respond to requests for comment about their communications with those behind the incident.
Orbit Chain, which is based in South Korea, added that it is looking into the possibility that the attack was launched by hackers based in North Korea - whose government has been implicated in dozens of the largest crypto thefts over the last three years.
PeckShield noted that including the funds stolen from Orbit Chain, nearly $100 million was taken from crypto platforms in December 2023.
U.S. officials say North Korean hackers have stolen over $2 billion worth of cryptocurrency to help fund the North Korean government's activities - including its weapons of mass destruction and ballistic missile programs.
Jonathan has worked across the globe as a journalist since 2014.
Before moving back to New York City, he worked for news outlets in South Africa, Jordan and Cambodia.
He previously covered cybersecurity at ZDNet and TechRepublic.
This Cyber News was published on therecord.media. Publication date: Tue, 02 Jan 2024 21:35:18 +0000