$80 million lost in first hack of 2024

Orbit Chain, a cross-chain bridging project, has lost over $80 million in assets in a preventable bridge hack over the new year.

The South Korean company is not to be confused with Orbiter Finance, an Ethereum-based cross-rollup bridge with a similar name.

According to a researcher who goes by the pseudonym officer_cia, the attacker had obtained access to seven out of ten multisig signers, resulting in losses totaling $81.5 million. 

Multisig, short for multi-signature, requires multiple private keyholders to sign a transaction and is normally used to prevent one single party from controlling the wallet.

Most of the stolen funds were in stablecoins, including $30 million in USDT, $10…

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