{"id":68046,"date":"2024-01-02T04:20:10","date_gmt":"2024-01-02T08:20:10","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=68046"},"modified":"2024-01-02T04:20:13","modified_gmt":"2024-01-02T08:20:13","slug":"december-crypto-losses-near-100m-following-orbit-bridge-hack","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/december-crypto-losses-near-100m-following-orbit-bridge-hack\/","title":{"rendered":"December Crypto Losses Near $100M Following Orbit Bridge Hack"},"content":{"rendered":"\n

Blockchain security firms report that the recent exploit on the cross-chain platform<\/a> Orbit Bridge has resulted in a nearly $100 million increase in the value of cryptocurrencies lost to hacks in December.<\/p>\n\n\n\n

\"December
December Crypto Losses Near $100M Following Orbit Bridge Hack<\/figcaption><\/figure>\n\n\n\n

December was the fifth most compromised month of 2023, according to a report by blockchain security firm PeckShield on January 1. The news source was a $81.5 million cross-chain bridge exploit on Orbit Bridge.<\/p>\n\n\n\n

According to the report, the exploit ranked tenth among the most severe breaches that targeted a cross-chain bridge in the previous three years.<\/p>\n\n\n\n

\n

#PeckShieldAlert\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> Hackers stole ~$99.3 million across over 36 attacks in December.
The Cross-chain #OrbitBridge<\/use><\/svg><\/span><\/a> suffered an $81.5 million exploit on New Year\u2019s Eve, marking it as the 9th top hack targeting a cross-chain bridge in the last 3 years pic.twitter.com\/6oGqu7gjLo<\/use><\/svg><\/span><\/a><\/p>— PeckShieldAlert (@PeckShieldAlert) January 1, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Orbit Bridge is the bridging service of the cross-chain protocol Orbit Chain, which was introduced in South Korea in 2018. On December 31 at 8:52 pm UTC, Orbit Chain confirmed it had been compromised due to an unauthorized violation of access to its ecosystem.<\/p>\n\n\n\n

The Orbit Chain team declared on January 1 that it had requested key international cryptocurrency exchanges<\/a> to freeze the stolen assets.<\/p>\n\n\n\n

“We maintain close communication with law enforcement agencies and are diligently working to locate and freeze the stolen assets,” the statement continued.<\/p>\n\n\n\n

Billions Lost to Hack in 2023<\/h2>\n\n\n\n

Beosin, PeckShield, and CertiK, three blockchain security firms, estimate that the aggregate crypto losses caused by breaches, scams, and exploits in 2023 amounted to $1.51 billion to $2 billion.<\/p>\n\n\n\n

PeckShield data indicates that September and November were especially catastrophic, with losses exceeding $700 million in those two months alone.<\/p>\n\n\n\n

\n

#CertiKStatsAlert<\/use><\/svg><\/span><\/a> \ud83d\udea8

We have updated our EOM December stats to reflect the Orbit Chain incident.

December saw a total of $116.5M lost

See more details below pic.twitter.com\/I2XS4RtdvL<\/use><\/svg><\/span><\/a><\/p>— CertiK Alert (@CertiKAlert) January 1, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

The Mixin Network incurred a financial loss of $200 million in September. In contrast, Poloniex and HTX\/Heco Bridge suffered the most significant breaches in November, resulting in losses of $131.4 million and $113.3 million, respectively.<\/p>\n\n\n\n

A $197 million breach of Euler Finance in March and a $125 million compromise of Multichain in July were two significant breaches that occurred during the year.<\/p>\n\n\n\n

However, according to the blockchain security firm Beosin<\/use><\/svg><\/span><\/a>, there were substantial reductions in breaches, phishing scams, and rug pulls compared to 2022, resulting in a decrease in total losses from approximately $4.38 billion.<\/p>\n\n\n\n

The report noted that losses from breaches decreased the most, by approximately 61.2%, from $3.6 billion in 2022 to $1.4 billion in 2023.<\/p>\n\n\n\n

\"\"
Crypto hacks, phishing, and rug pulls in 2023. Source: Beosin<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Blockchain security firms report that the recent exploit on the cross-chain platform Orbit Bridge has resulted in a nearly $100 million increase in the value of cryptocurrencies lost to hacks in December. December was the fifth most compromised month of 2023, according to a report by blockchain security firm PeckShield on January 1. The news […]<\/p>\n","protected":false},"author":12,"featured_media":68050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476],"tags":[6116,17735,12002,17736],"class_list":["post-68046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","tag-december","tag-crypto-losses","tag-hacks","tag-orbit-bridge"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/01\/image-7.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/68046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=68046"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/68046\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/68050"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=68046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=68046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=68046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}