Beosin, the audit firm which discovered the $82 million exploit within the cross-chain bridge contract of Orbit, has announced that the contract is now suspended and halted. The project was designed to help users bridge the gap between Ethereum and Binance Chain assets, however, due to the fault in the contract, hackers were able to exploit this vulnerability and steal funds.
In order to protect any user funds in the bridge, Beosin has requested that no further activity is conducted and that all users withdraw their assets from the contract. As an additional security measure, Orbit has also disabled the bridge interface to its platform and has locked any remaining funds in the contract.
While the cause of the exploit has yet to be determined, Beosin has identified the source of the vulnerability as a “new addition” to the contract that was “not sufficiently tested”. In addition, Beosin highlights that team’s inexperience in smart contracts security had contributed to the incident.
Moving forward, the team behind Orbit promises to devote greater resources to security protocols and to ensure that all coding processes and updates are rigorously tested before deployment. The team also adds that the exploit highlights the importance of working with compliant firms.
With the exploit now halted, all users have been advised to take extra security steps in order to protect their crypto funds in the future.
