The recent exploit of Orbit Bridge’s cross-chain bridge on New Year’s Eve resulting in $80 million stolen has pushed the total cryptocurrency losses to hackers in December 2022 to nearly $100 million.
According to blockchain security firm PeckShield, the Orbit Bridge hack was the 9th largest exploit targeting a cross-chain bridge in the past 3 years. It also made December the 5th highest month for crypto hacks in all of 2023.
Orbit Bridge is the bridging service for Orbit Chain, a South Korea-based cross-chain protocol launched in 2018. The unauthorized breach occurred on December 31 and prompted Orbit Chain to request exchanges globally freeze the stolen assets.
Overall, estimates show between $1.5 – $2 billion was lost to hacks, scams, and exploits in crypto in 2023. September and November were particularly damaging, with over $700 million stolen across those two months combined.
Other major hacks in 2023 included Euler Finance losing $197 million in March and Multichain being exploited for $125 million in July.
While still substantial, total crypto losses dropped significantly from 2022’s figure of $4.38 billion stolen. Hacks saw the biggest decrease of 61%, falling from $3.6 billion in 2022 to $1.4 billion in 2023.
The Orbit Bridge attack capped off a year of continued crypto security challenges. However, improved practices like exchange freezing of stolen assets point to maturation in blockchain security response.
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