Orbit

Orbit Chain

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Mixin

<div class="cryptonews">
 <p class="is-style-lead">December 2023 has experienced significant losses in cryptocurrency thefts, with the latest attack on Orbit Chain’s cross-chain bridge pushing the month’s total losses close to $100 million, according to blockchain security firms.</p>
 <p>Blockchain security firm PeckShield reported on Jan. 1 that the $81.5 million exploit of the Orbit Bridge was a major contributor to December being the fifth-highest month for crypto <a rel="noopener noreferrer nofollow" title="hacks" href="https://thebittimes.com/tag/hacks.html">hacks</a> in 2023.</p>
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    <p lang="en" dir="ltr">#PeckShieldAlert Hackers stole ~$99.3 million across over 36 attacks in December.<br>The Cross-chain #OrbitBridge suffered an $81.5 million exploit on New Year’s Eve, marking it as the 9th top hack targeting a cross-chain bridge in the last 3 years pic.twitter.com/6oGqu7gjLo</p>— PeckShieldAlert (@PeckShieldAlert) January 1, 2024
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 <p>The exploit was also the ninth-highest hack targeting a cross-chain bridge over the past three years, it said.</p>
 <p>Orbit Bridge, the bridging service of the cross-chain protocol Orbit Chain protocol launched in South Korea in 2018, confirmed the hack owing to a security breach on Dec. 31 at 8:52 pm UTC, which resulted in substantial losses of various cryptocurrencies, including Ethereum (ETH), USD Coin (USDC), Tether (USDT), and Wrapped Bitcoin (WBTC).</p>
 <p>Responding to this breach, Orbit Chain’s team announced on Jan. 1 their efforts to freeze the stolen assets, working <a rel="noopener noreferrer nofollow" title="close" href="https://thebittimes.com/tag/close.html">close</a>ly with global cryptocurrency exchanges and law enforcement agencies.</p>
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 <h2 class="wp-block-heading" id="2023-witnesses-over-1-5-billion-lost-to-hackers">2023 witnesses over $1.5 billion lost to hackers</h2>
 <p>Estimates from blockchain security firms like PeckShield, CertiK, and Beosin place the total crypto losses due to hacks, scams, and exploits throughout 2023 between $1.51 billion and $2 billion. Notably, 17% of these losses are attributed to the activities of the North Korean hacker group Lazarus.</p>
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    <p lang="en" dir="ltr">#CertiKStatsAlert <br><br>We have updated our EOM December stats to reflect the Orbit Chain incident. <br><br>December saw a <a rel="noopener noreferrer nofollow" title="total" href="https://thebittimes.com/tag/total.html">total</a> of $116.5M lost<br><br>See more details below pic.twitter.com/I2XS4RtdvL</p>— CertiK Alert (@CertiKAlert) January 1, 2024
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 <p>PeckShield data reveals that September and November were particularly hit hard, with losses exceeding $700 million in these two months. This includes significant incidents like the Mixin Network losing $200 million in September and major exploits in November on Poloniex and HTX/Heco Bridge, leading to losses of $131.4 million and $113.3 million, respectively.</p>
 <p>2023 also saw other notable hacks, such as Euler Finance losing $197 million in March and Multichain suffering a $125 million hack in July.</p>
 <p>Despite these high-profile incidents, blockchain security firm Beosin highlighted a significant decline in <a rel="noopener noreferrer nofollow" title="hacks" href="https://thebittimes.com/tag/hacks.html">hacks</a>, phishing scams, and rug pulls compared to 2022. Total <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a> in 2023 were down from approximately $4.38 billion in the previous year.</p>
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    <p lang="en" dir="ltr">In 2023, total losses from hacks, phishing scams, and rug pulls in Web3 reached $2.02 billion.<br><br>From 2022 to 2023<br>Total: $4.38B -&gt; $2.02B, -53.87%<br>Hacks: $3.6B -&gt; $1.39B, -61.24%<br>Rug Pulls: $425M -&gt; $388M, -8.7%<br>Phishing: $356M -&gt; $238M, -33.17%<br><br>Check Beosin's report https://t.co/W7GqRdoG1H pic.twitter.com/LU7DXETtm5</p>— Beosin Alert (@BeosinAlert) January 2, 2024
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 <p>Hacks experienced the most significant reduction, plummeting from $3.6 billion in 2022 to $1.39 billion in 2023, marking a decrease of about 61.2%. This data suggests a relative improvement in the security and vigilance within the crypto sector, even as challenges persist.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-hacks-in-december-push-total-losses-close-to-100m-tbt75324.html">https://thebittimes.com/crypto-hacks-in-december-push-total-losses-close-to-100m-tbt75324.html</a></p>

Crypto hacks in December push total losses close to $100m

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