stablecoins

In a string of recent events, three major crypto hacks have highlighted vulnerabilities in the decentralized finance (DeFi) space. Orbit Chain’s bridging service, Orbit Bridge, experienced an $81.7 million breach, while Radiant Capital uncovered a $4.5 million exploit in one of its USDC Coin markets. These incidents underscore the need for increased security measures in the cryptocurrency industry.

On New Year’s Eve, hackers compromised seven out of ten multi-sig signers in Orbit Chain’s bridging service, Orbit Bridge, resulting in an immense $81.7 million breach. The attackers manipulated the index parameter in the Radiant Capital contract, exploiting a rounding issue in calculations. Gamma Strategies, a liquidity management firm, initiated a bounty negotiation with the perpetrator to recover $3.4 million in misappropriated assets.

The compromised funds encompassed various cryptocurrencies, including Tether, USD Coin, Ether, Wrapped Bitcoin, and DAI. The hackers swiftly moved significant amounts of these assets to undisclosed wallets, making recovery efforts challenging.

The recent attacks illustrate the vulnerabilities present in the DeFi space, sending a stark reminder to investors and participants to exercise caution. It is essential to stay informed about such incidents and adjust investment strategies accordingly in response to potential risks.

By Rajesh

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