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In what appears to be a bad 2024 start, Orbit Chain, a platform specializing in cross-chain transactions, suffered an $81 million hack on Dec-31-2023 at 08:52 PM UTC.

Despite the setback, the platform is taking robust measures to address the situation, involving collaborations with Korean authorities, security agencies, and law enforcement globally. Here are the key details of the hack and the proactive steps taken by Orbit Chain to recover the funds and secure its ecosystem.

Orbit Chain swiftly responded to the hack by initiating a collaborative effort with the Korean National Police Agency and KISA. In addition, the platform’s development team has engineered a specialized system for investigation support and cause analysis.

This collaborative approach with Korean authorities aims to enhance the investigation’s comprehensiveness and proactiveness. Discussions are also underway for close cooperation with domestic and foreign law enforcement agencies.

Orbit Chain team has developed a system for investigation support and cause analysis with the Korean National Police Agency and KISA (Korea Internet & Security Agency), enabling a more proactive and comprehensive investigation approach.

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This collaborative effort signals a dedicated pursuit of justice, leveraging the expertise of both technology professionals and law enforcement agencies. By aligning forces with government entities, Orbit Chain seeks to bring the perpetrators to justice and reinforce the security of its cross-chain platform.

On January 2, 2024, the Orbit Chain team updated its community on X stating that it was also trying “to communicate with the attackers of the Orbit Bridge.” They said that they “delivered a second message to them (Jan-01-2024 01:08:35 PM +UTC).”

Besides collaborating with law enforcement agencies, the Orbit Chain team is urging the community and the wider Web3 ecosystem to disseminate information about the incident. This community-driven approach is seen as a strategic move to heighten awareness and potentially aid in the identification of the attackers.

In order to resolve this issue, the Orbit Chain team will utilize all available methods to track down the hackers and recover the funds.

We sincerely request that all members of the Orbit Chain community and the Web3 ecosystem help spread this information as widely as possible.

By utilizing all available means and soliciting community support, the team aims to maximize its chances of a successful recovery while demonstrating transparency throughout the process. The emphasis on collective effort underscores the interconnected nature of the cryptocurrency space and the importance of a united front against malicious actors.

In parallel, Orbit Chain is conducting a thorough analysis to identify the root cause of the breach. The platform has also engaged with international law enforcement agencies, demonstrating a commitment to resolving the issue on a global scale. Orbit Chain has issued a cautionary note to users, advising vigilance against scams promising to reimburse losses incurred during the hack.

The aftermath of the hack has had tangible consequences on Orbit Chain’s native token, ORC. Following the exploit, the token experienced a significant drop of nearly 28%.

However, the token has since demonstrated resilience, recovering to a $36 million market cap. Its price had climbed to $0.05547 on January 2, 2:37 PM UTC, from a low of $0.05114.

The fluctuation in the token’s value reflects the impact of security incidents on investor confidence in the decentralized finance (DeFi) space.

As the investigation unfolds, the cryptocurrency community watches closely, with the hope that the collaboration between Orbit Chain and law enforcement agencies will yield results and set a precedent for future security incidents in the decentralized ecosystem.

The post Orbit Chain tracking down hackers after the new-year eve $81M hack appeared first on Invezz

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