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Orbit Bridge loses $82m in hack, BTC slumps, spot ETF approval window closes in | Weekly Recap

Press Releases Crypto News Crypto-News Orbit Bridge loses $82m in hack, BTC slumps, spot ETF approval window closes in | Weekly Recap

This week, Orbit Bridge suffered an $82 million exploit, while Bitcoin (BTC) slumped upon escalating FUD following a retest of $45,000. Meanwhile, the approval window of a spot BTC ETF draws closer.

Orbit loses $82M in hack

On Dec. 31, 2023, a crypto community figure called the public’s attention to a possible exploit of the bridge protocol native to the Orbit blockchain network, with multiple assets drained from the bridge’s contract.

Shortly after this initial alarm, the Orbit chain team confirmed reports that the bridge had suffered an exploit. Data confirms that the protocol lost a whopping $81.5 million in several cryptocurrencies due to the hack.

In its disclosure, the Orbit team emphasized that they were assessing the cause of the hack as well as engaging with law enforcement on the matter. Reports suggested that the mode of operation was similar to the trend observed with North Korean hackers.

CoinsPaid hacked, North Korea takes the spotlight

A few days after the Orbit Bridge exploit, CoinsPaid, a crypto payment protocol based on Estonia, suffered its second hack in six months. The breach resulted in a loss of $7.5 million in several crypto assets, including BNB and Ethereum (ETH).

Amid the growing incidence of hacks, a report from TRB Labs this week spotlighted North Korean hackers, responsible for multiple exploits recorded last year. The report noted that these hackers carted away $600 million in crypto from hacks last year, accounting for a third of all hacks in 2023.

Growing discussions surrounding spot BTC ETFs

Amid the anticipation of the approval of a spot BTC ETF, industry commentators have continued to project an imminent price explosion for BTC. This week, an advisor to VanEck, one of the asset managers looking to launch the product, disagreed with th

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Author: Wahid Pessarlay

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