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 ) slump ed 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...