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

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.

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 hacks in 2023.

The exploit was also the ninth-highest hack targeting a cross-chain bridge over the past three years, it said.

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).

Responding to this breach, Orbit Chain’s team announced on Jan. 1 their efforts to freeze the stolen assets, working closely with global cryptocurrency exchanges and law enforcement agencies.

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