Crypto Project Orbit Chain Drained of $82 Million in Bridge Hack

Orbit Chain, a protocol used for transferring crypto tokens across different blockchains, lost nearly $82 million after its bridge was hacked on Monday, according to security firm PeckShield Inc.

• The project confirmed on X, formerly known as Twitter, that there was an “unidentified access” to Orbit Bridge and an analysis is going on to identify the root cause of the issue.
• Data from blockchain analytics platform Arkham Intelligence shows that Orbit lost $50 million in stablecoins, $21.7 million in Ether and around $10 million in Wrapped Bitcoin
• To convert one type of coin into another, a bridge service will typically ...