Korean National Police Investigating $81 Million Crypto Theft From Orbit Chain

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Crypto platform Orbit Chain said it was working with the Korean National Police Agency and the Korea Internet Security Agency (KISA) to address a cyberattack that led to the theft of over $81 million in cryptocurrency.

On New Year’s Eve night, Orbit Chain confirmed that it began seeing unauthorized transactions on its platform involving several cryptocurrencies, including the US dollar-pegged coins USDC and USDT as well as ETH and d ‘others.

The Orbit Chain platform supports communication between different blockchain networks. The company hiring blockchain security company ChainLight to lead the investigation.

Other blockchain research companies including Certified And Peck Shieldestimated losses at approximately $81.5 million, including $30 million in USDT and $10 million in USDC.

“The Orbit Chain team has developed an investigation support and root cause analysis system with the Korean National Police Agency and KISA (Korea Internet & Security Agency), enabling a more proactive and proactive investigation approach. more complete. In addition, we are also discussing close cooperation with domestic and foreign law enforcement agencies,” they said. said in a notice Tuesday.

“In order to resolve this issue, the Orbit Chain team will use all available methods to track down hackers and recover funds. We sincerely ask everyone in the Orbit Chain community and the Web3 ecosystem to help spread this information as widely as possible.

They have asked other global cryptocurrency exchanges to freeze stolen assets and warned customers to be wary of scams related to the potential refund of lost funds.

The company said it attempted to communicate with the attackers, sending them several messages on Monday. It’s unclear whether the hackers responded, and the company did not respond to requests for comment on its communications with the people behind the incident.

Orbit Chain, based in South Korea, added that it is investigating the possibility that the attack was launched by hackers based in North Korea – whose government has been implicated in dozens of the largest crypto thefts over the past three years.

Peck Shield note that including funds stolen from Orbit Chain, almost $100 million was withdrawn from crypto platforms as of December 2023.

American officials say North Korean hackers stole more than $2 billion in cryptocurrency to help finance the North Korean government’s activities, including its weapons of mass destruction and ballistic missile programs.

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Jonathan Greig

Jonathan Greig is a breaking news reporter at Recorded Future News. Jonathan has worked as a journalist around the world since 2014. Before returning to New York, he worked for media outlets in South Africa, Jordan and Cambodia. He previously covered cybersecurity at ZDNet and TechRepublic.

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