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Crypto investors seem to receive bad news every day. Today’s agenda is Orbiter Finance. The circulating claim in the afternoon was about the disruptions in transaction confirmations. Afterwards, the project’s Discord channel was suddenly deleted. All of this brought up allegations of the bridge being hacked or a rug pull.
The team behind decentralized cross-bridge rollup, Orbiter Finance, made a statement regarding the allegations. The delayed statement aimed to reassure investors. However, their defense of why the Discord account was deleted further confused people.
“Orbiter bridge is working perfectly fine, and there are no security issues. Transaction failures may occur due to network instability or the sender deleting the target network identification code while sending the transaction. We will complete these failed transactions as soon as possible. Orbiter’s Discord is safe, but Orbiter’s Discord account has been unjustifiably blocked by the Discord team.”
Current Status of Orbiter Finance
A crypto analyst known as DeFiyst made a statement about the possible cause of the disruptions. According to them, Orbiter uses the last four digits of the transaction amount to determine the recipient chain. If a user manually changes the transaction amount, it can cause disruptions like today.
The Orbiter team stated in today’s announcement that they are trying to contact the Discord team regarding the deletion of the Discord account.
“We are trying to contact the Discord team to appeal. That’s why Orbiter’s account is displayed as ‘deleted account’ in our channel.”
This bridge allows users to transfer their assets from Ethereum network to different networks. It is actively used for asset transfers to various networks, including Base, Arbitrum, Polygon, and Immutable X. Possible issues with this bridge affect a significant number of users due to its usage with heavily used networks.
At the beginning of 2022, Vitalik Buterin mentioned the risks of crypto bridges. After his warning, almost no popular bridge remained unhacked. Many bridges, including BNB Chain, were exploited. The biggest incident was the hack of the Ronin bridge, which happened shortly after Buterin’s warning. The loss of hundreds of millions of dollars created significant selling pressure in the market.
