Hit By Cyber Attack, Bridge Orbit Loss IDR 1.2 Trillion

Blockchain companies are hit by hacker attacks. (Photo; Doc. Gozerbot)

JAKARTA - Orbit Bridge, a protocol that allows asset transfer and data between various blockchain networks, fell victim to cyber attacks in early 2024. This attack resulted in losses of more than $81.5 million in the form of cryptocurrencies stolen by hackers.

This attack was first noticed by a user named Kgjr, who sent a warning message on social media about suspicious activity in the Bridge Orbit protocol. According to Kgjr, hackers have drained most of the assets stored in the protocol, including USDT, USDC, DAI, WBTC, and ETH.

The Orbit Chain team, which developed the Orbit Bridge protocol, confirmed the incident and said it was trying to resolve the issue. They also claim that they have contacted hackers via two messages sent to the wallet used to withdraw stolen assets. However, they did not explain what the purpose of the message was.

Orbit Chain also announced that it has coordinated with major law enforcement agencies and cryptocurrency exchanges to track and freeze stolen assets. They also apologized to affected users and promised to provide the latest information through their official channels.

Meanwhile, a cybersecurity investigator named Tay revealed that the attack was allegedly carried out by a North Korean hacker group known as the Lazarus Group. Tay said the method used by hackers was similar to previous attacks carried out by the group.

Tay also warned that North Korean hacker groups pose a serious threat to the crypto industry, as they have political and economic motives to carry out attacks. He expects 2024 to be a year full of cyberattacks against interblockchain bridge protocols, which is one of the key technologies to create interoperability between various blockchain networks.

Orbit Bridge is one example of the interblockchain bridge protocol, which aims to facilitate communications and asset exchanges and data between various blockchains. This protocol supports various blockchain networks, such as Ethereum, Binance Smart Chain, Polygon, Solana, and others.

The interblockchain bridge protocol has great potential to increase efficiency and innovation in the crypto space, but is also vulnerable to cyberattacks. According to a report from CipherTrace, a blockchain analysis firm, at least US$1.7 billion (IDR 26.3 trillion) was lost due to cyber attacks on interblockchain bridge protocols during 2023.

To avoid losses due to cyber attacks, users of the inter-blockchain bridge protocol are advised to always be vigilant and careful. Users must also avoid fraud that offers compensation or refund in the name of the protocol that was attacked. In addition, users must always check the source of information and follow the latest developments of the protocol they use.