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Orbit Bridge Accuses Former Team Member For $82M Hack

by BSCN

January 25, 2024

chain

OrbitChain, has accused its former security expert of orchestrating the $80 million hack on the Orbit Bridge

Ozys, the company behind the development of Orbit Chain and its associated bridge, has made accusations against a former security expert with 25 years of experience, accusing him of the $80 million breach

An unidentified attacker gained access to Orbit Bridge, Orbit Chain's decentralized cross-chain protocol on Dec. 31, 2023. This unauthorized access resulted in the loss of over $82 million in various cryptocurrencies, including ETH, WBTC, USDT, USDC, and DAI. 

After illegally acquiring assets, they were converted into ETH and DAI, funneled into eight wallets, and have remained untouched since.

In response to the breach, the Ethereum vault within Orbit Bridge was promptly shut down at 7:21 a.m. to mitigate further damage. As reported by the Orbit team, the project's development team collaborated with cybersecurity firms Theori and Ozys to initiate a collaborative response and tracking process. 

The Orbit team also alerted the relevant law enforcement agencies, including the Seoul Metropolitan Police, National Intelligence Service, and Korea Internet Security Agency.

Intricacies of the Accusations

On January 10, 2024, Ozys discovered that its former Chief Information Security Officer, who had announced voluntary retirement on November 20, had arbitrarily altered firewall policies on November 22, 2023.

Notably, this alteration occurred just two days after the retirement announcement, and the security expert left the company on December 6 without any form of communication during the handover process.

Initial reports indicated similarities to the Lazarus hacker group, allegedly affiliated with North Korea (DPRK), prompting the National Intelligence Service to conduct an extensive investigation of the possible hacker group. However, as of now, it remains uncertain whether the attack methodology mirrors that of the Lazarus group.

Ongoing Investigations and Legal Responses

Ozys maintains that the breach did not stem from vulnerabilities in the Orbit Bridge smart contract or the theft of a validator key. The National Intelligence Service's Cyber Security Center, the National Police Agency's Cyber Terror Investigation Unit, KISA's Internet Incident Analysis Division, as well as various security companies, are actively exploring various possibilities to aid in comprehensive investigations. Ozys is reportedly cooperating with these entities throughout the investigative process.

Upon completion of the recovery plan for the bridge assets, Ozys plans to provide comprehensive details regarding the recovery plan for Orbit Bridge as soon as it is finalized. Acknowledging the gravity of the situation, the company pledges to continue to ensure security and trustworthiness.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].

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