hack

The cross-chain bridge of Orbit Chain was compromised by an exploit, which led to the loss of Tether, DAI, USDC, wBTC, and ETH with a combined value of around $81.4 million.
The vulnerability was exploited by the exploiter, who then transferred funds to a new wallet.
A weakness in the bridge or a hack in the centralized server was discovered as the primary reason by the blockchain security company SlowMist which was responsible for the investigation.
It has been revealed that a hack occurred on Orbit Bridge, which is a protocol for interchain communication that is utilized for asset conversion. A total of around $81.4 million worth of cryptocurrency were stolen from the system.
The Orbit Bridge was struck by a number of significant discharges.
An vulnerability that was worth $81.4 million was apparently used by hackers to ring in the New Year with Orbit Bridge. A number of significant outflows were discovered by the blockchain security company SlowMist and the on-chain intelligence service LookOnChain. These outflows were encountered via the cross-chain protocol.
According to the latter, the Orbit Bridge was responsible for the transfer of 30 million Tether (USDT), 10 million DAI, 10 million USDCoin (USDC), 231 wBTC (worth over $10 million), and 9,500 ETH (worth around $21.5 million) in five distinct transactions.

After doing a preliminary examination from the outside, SlowMist came to the conclusion that either the centralized server has been compromised or there is a potential vulnerability in the Orbit Chain bridge. A further in-depth investigation is currently being carried out by the company in order to obtain additional information on the attack.
The hacking of Orbit Chain has been confirmed.
Orbit Chain reported the hack on its protocol in a tweet that was published not too long ago on X. The tweet described the breach as a "unidentified access" to the bridge. A comprehensive investigation into the underlying cause of the assault is currently being carried out by the company, which has said that it is actively collaborating with law enforcement authorities in order to identify the perpetrator of the incident.
#hack #OrbitChain

On Thursday, Ronin gaming platform wallets were compromised, resulting in the theft of approximately $9.5 million worth of Ethereum. The perpetrators utilized Tornado Cash service to launder the stolen funds, mixing transactions from multiple users to obscure the cryptocurrency's origin. Among the affected individuals is one of the founders of Ronin and Axie Infinity, who disclosed the incident on Twitter.
Theft Details: 3,250 ETH Moved by Unknown Perpetrators
A precise sum of 3,250 ETH was siphoned from gaming wallets on the Ronin network, amounting to $9.5 million. The attackers subsequently transferred these funds to three distinct Ethereum wallets via a network bridge. The ETH was then laundered through the Tornado Cash service, complicating its traceability.
Personal Accounts of Jeff 'Jiho' Zirlin Compromised
Jeff "Jiho" Zirlin, co-founder of Ronin and Axie Infinity, announced on Thursday evening that his personal wallets had been compromised in the attack. He stated that the attack solely targeted his personal accounts and did not impact the security or operations of the Ronin network or the activities of Sky Mavis, the company behind it.

Security of Ronin and Sky Mavis Unaffected
In response to the incident, Aleksander "Psycheout" Larsen, another founder of Sky Mavis, emphasized that the attack has no bearing on the security measures of the Ronin network bridge or the company's financial assets. Larsen highlighted that the bridge itself has undergone several security audits and is equipped with mechanisms to prevent excessive fund withdrawals.
Impact on Ronin's Market Value
As a consequence of the attack and fund depletion, the value of Ronin cryptocurrency (RON) experienced a decline, with its price plummeting from approximately $3.17 to $2.74, marking a decrease of over 13% within minutes. At the time of writing, the price partially recovered to $2.97.
Historical Context: Ronin Bridge Attack
The incident occurs two years after the attack on the Ethereum Ronin bridge, during which cryptocurrency worth $622 million was stolen. The attack was attributed to the Lazarus hacking group from North Korea, exploiting the insufficient decentralization at that time. Subsequently, a portion of the stolen funds was recovered, and Sky Mavis reimbursed users for all losses from the February 2022 attack.

$ETH
#Ronin #hack

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Gala Games CEO Eric Schiermeyer has confirmed that a "security incident" led to the unauthorized sale of 600 million GALA tokens, worth approximately $23 million. The breach, which Schiermeyer attributed to "messed up" internal controls, has raised significant concerns within the blockchain gaming community.
Incident Overview
On May 20, at 7:32 pm UTC, blockchain observers reported the minting of 5 billion GALA tokens, valued at around $200 million at the time. The compromised wallet was selling the tokens in batches, leading to a sharp drop in GALA's price. The token hit a 24-hour low of $0.038, a 20% decrease from its daily high, before recovering slightly to $0.041, according to CoinGecko.
“We had an incident that resulted in the unauthorized sale of 600 million GALA tokens and the effective burn of 4.4 billion tokens,” Schiermeyer wrote in a May 20 post on X (formerly Twitter). He admitted, “We messed up our internal controls. This shouldn’t have happened, and we are taking steps to ensure it doesn’t happen again.”
Response and Mitigation
Gala Games quickly identified the compromise and revoked unauthorized access to the GALA contract. Schiermeyer assured users that the Ethereum contract was secure and had not been compromised. The company believes it has identified the person responsible and is collaborating with the FBI, the U.S. Justice Department, and international authorities to address the incident.
In a follow-up post on X, Gala Games announced that the security breach had been contained and the affected wallet frozen. However, details about the perpetrator and the method of access to the GALA contract remain undisclosed.
Ongoing Legal Disputes
This security incident occurs amid ongoing legal battles between Schiermeyer and Gala Games co-founder Wright Thurston. Both have filed lawsuits against each other, with Thurston accusing Schiermeyer of squandering millions in company assets, while Schiermeyer alleges that Thurston stole $130 million worth of GALA tokens.
Gala Games did not respond to requests for additional comments.
The incident underscores the critical need for robust internal controls and security measures in the cryptocurrency and blockchain industries, as companies continue to navigate complex technological and legal landscapes.
$GALA #GALA #GalaGames #hack

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“