According to blockchain security firms, the recent attack on Orbit Chain's cross-chain bridge has resulted in the total amount of stolen cryptocurrencies reaching nearly $100 million in December 2023.
PeckShield, a blockchain security firm, reported that the exploit on Orbit Bridge, which amounted to $81.5 million, made December the fifth-highest month for hacks in 2023. Additionally, the firm stated that this attack was the ninth-largest hack targeting a cross-chain bridge over the past three years.
Orbit Bridge is the bridging service of Orbit Chain, a cross-chain protocol that was launched in South Korea in 2018. Orbit Chain confirmed that its ecosystem was hacked on December 31st at 8:52 p.m. UTC due to an unauthorized breach of access.
On January 1st, the Orbit Chain team requested major global cryptocurrency exchanges freeze the stolen assets.
Estimates from blockchain security firms PeckShield, CertiK, and Beosin indicate that the total value of crypto losses resulting from hacks, scams, and exploits in 2023 fell between $1.51 billion and $2 billion.
Notably, September and November recorded substantial losses, with PeckShield data showing over $700 million lost during these two months alone.
Specifically, the Mixin Network experienced a loss of $200 million in September, while the largest exploits in November occurred on the Poloniex and HTX/Heco Bridges, resulting in losses of $131.4 million and $113.3 million, respectively.
In addition, significant hacks occurred throughout the year, including Euler Finance being exploited for $197 million in March and Multichain being hacked for $125 million in July.
On the positive side, Beosin, a blockchain security firm, observed significant declines in hacks, phishing scams, and rug pulls compared to 2022, with total losses dropping from approximately $4.38 billion.
The most significant decrease was seen in losses from hacks, which decreased from $3.6 billion in 2022 to $1.4 billion in 2023, representing a decline of approximately 61.2%.
Ethereum, the leading blockchain in terms of active users and locked value, suffered significant losses amounting to approximately $1.35 billion in around 170 incidents.
This substantial amount underscores the appeal of Ethereum to malicious actors, owing to its expansive ecosystem and high-profile projects. Notably, the most significant breach occurred in July, when the cross-chain platform Multichain was attacked, resulting in a loss of $230 million.
BNB Chain, another popular network, also became a favored target, experiencing losses of $110.12 million across 213 incidents.
The emerging network zkSync Era encountered two incidents resulting in a loss of $5.2 million, while Solana suffered a loss of $1 million in a single attack. Losses on centralized platforms, including exchanges and trading platforms, reached approximately $256 million, involving seven cases.
The most substantial incident occurred in November, when Poloniex was targeted, resulting in a staggering $122 million loss.
The relationship between social media and cryptocurrencies has opened up opportunities for scams and fraudulent activities. The presence of weaknesses in smart contracts and the large amount of assets held in crypto exchanges increase the potential for unauthorized access and financial losses.
To protect themselves, users must be diligent and take extra security precautions, such as using hardware wallets and setting up two-factor authentication. They should also carefully evaluate DeFi platforms and investments to safeguard against possible threats and maintain a secure environment for crypto transactions.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.