Orbit Chain Hacked! Hacker Moves and Launders 12,932 ETH

Bittime - Orbit Chain hacked! The hackers responsible for the hack of this DeFi platform had moved large amounts of stolen ETH through Tornado Cash, a cryptocurrency mixing service known for helping criminals hide traces of their transactions.

Hacking Funds Laundered via Tornado Cash

According to data from Yujie Monitoring, hackers have moved 12,932 ETH, or around 47.58 million USD, over the last 10 hours.

These stolen funds were laundered through Tornado Cash, an effort to disguise the origin and ownership of the cryptocurrency.

Although the hackers had managed to launder some of the stolen funds, they still held a large amount of assets in their addresses, including 13,821 ETH (worth 50.86 million USD) and 20 million DAI (stablecoins pegged to the US dollar).

Impact and Concerns due to the Orbit Chain Hack

This event sparked concern among Orbit Chain users and the DeFi community at large.

1. Financial Loss

The loss of 12,932 ETH was a major blow to Orbit Chain users and the DeFi ecosystem as a whole.

2. Tarnished Teputation

This incident certainly damaged Orbit Chain's reputation and raised questions about the security of DeFi platforms.

3. Impact on Price

The Orbit Chain (ORX) token price is likely to be negatively affected due to this incident.

Next Steps of Orbit Chain

It is important to note that the Orbit Chain team has taken steps to address this situation. They work with cybersecurity companies to track stolen funds and prevent hackers from taking further action.

However, the DeFi community still demands transparency and more concrete actions from Orbit Chain to prevent similar incidents from happening again in the future.

Securing Crypto Assets: Tips for DeFi Users

The cyber attack on Orbit Chain is an alarm for DeFi users to be more vigilant and protect their crypto assets. Here are some tips that can help you, namely:

1. Choose a Trusted DeFi Platform

Do your research and choose a DeFi platform that has a good reputation, a solid security track record, and an experienced development team.

2. Use a Secure Crypto Wallet

Store your crypto assets in a secure private crypto wallet and have full control over your private keys. Avoid storing large amounts of assets in DeFi platform wallets.

3. Beware of Phishing

Never click on links or enter your personal information into suspicious websites or forms.

4. Enable Two-Factor Authentication (2FA)

Use 2FA to add a layer of security to your account. This makes it difficult for hackers to access your account even if they manage to get your password.

5. Monitor Account Activity

Monitor your account activity regularly and report suspicious activity immediately.

The Future of DeFi Security

The Orbit Chain hack incident gave rise to an important discussion about DeFi security. Here are some things you need to pay attention to, such as:

1. Security Standards

The DeFi industry needs stricter and standardized security standards to prevent hacks and protect users.

2. Periodic Security Audits

DeFi platforms need to undergo regular security audits by reputable cybersecurity companies.

3. Responsibility and Compensation

The DeFi industry needs to develop mechanisms to deal with hacks and ensure fair compensation for victimized users.

With better security measures, ongoing education, and strong collaboration between platforms, users, and relevant authorities, the DeFi industry can become a safer and more trustworthy environment for all parties involved.

Conclusion

The Orbit Chain hack case serves as an important reminder of the risks associated with DeFi platforms. Users need to be careful and do thorough research before using any DeFi platform.

DeFi platforms need to increase their security measures and cooperate with relevant authorities to combat cybercrime.

This incident also shows the importance of education and public awareness about cryptocurrency security and DeFi.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via over. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets at over, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet.

For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Study Complete Guide How to Buy Crypto on Bittime.

Monitor graphic movement Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.