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Orbit Chain Offers $8 Mln Bounty For Intel On Exploit

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Orbit Chain Offers $8 Mln Bounty For Intel On Exploit

  coingape.com 14 h

Orbit Chain Offers $8 Mln Bounty For Intel On Exploit

In a gust of developments revolving around Orbit Chain’s recent significant cybersecurity breach, the firm announced noteworthy plans to rev up its approach in pruning the attackers and recovery of its stolen digital assets.

According to a recent statement issued by the cryptocurrency platform on X, Orbit slated a staggering $8 million reward for any information based on the hackers or the firm’s lost digital assets. This comes forth as a result of a recent cyber attack witnessed by the cryptocurrency platform Orbit, wherein the firm lost substantial amounts of cryptos on December 31. Aligning with this, on-chain data showcased an unauthorized transaction in the platform’s Ethereum L1 vault, moving assets such as DAI, ETH, and WBTC, among others. Shadowing which, the firm now eyes a more robust crackdown on the exploitation attack, seeking help globally.

Orbit’s Clamp Down On Attackers

In a series of posts on X, ranging from December 31 to date, Orbit appears to be actively engaging in strategies to weed out the hackers and retrieve the firm’s lost assets. Coinciding with this, the crypto platform also urged significant cryptocurrency exchanges to freeze the stolen assets. As a consequence, the assets remained unmoved, according to the firm’s statement on X.

Meanwhile, Orbit continues to extensively eye these assets, assuring users of prompt action in the works. Mirroring this, the crypto platform ruled out plans to negotiate with the hackers.

Simultaneously, as of today, January 11, the final deadline for negotiation on the exploit is terminated, with a bounty extending to the public. As mentioned earlier, with the $8 million bounty, the firm now aims to seek aid from participants across the globe.

Also read: Coinbase CEO & CLO Credit Grayscale For Historic Bitcoin ETF Win

Orbit’s Collab With Key Justice Keepers

As per Orbit’s statement, the firm appears to have fostered an efficient investigation system, partnering with the Korean National Police Agency and KISA (Korea Internet & Security Agency). Furthermore, with discussions with domestic and foreign law enforcement agencies, the firm advances further in its approach to crack down on the attackers.

Also read: ETC Price Jumps 34% As Ethereum Classic Trading Volumes Surge

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