In a shocking turn of events, Orbit Chain, a prominent cross-chain bridging project, has suffered a devastating loss of over $80 million in assets due to a preventable bridge hack during the new year. Sadly, this is not an isolated incident for OZYS, the South Korean blockchain development company behind Orbit Bridge.

Both Klayswap and Belt Finance, other brainchildren of OZYS, have experienced similar breaches in recent years. Belt Finance, for instance, saw approximately $6 million vanish into thin air in May 2021, and a heart-stopping $60 million was placed at risk just a few months later in August 2021. Not to be outdone, Klayswap, too, faced its share of woes when almost $2 million worth of assets were drained from its protocol in February 2022.

Remarkably, the hacker managed to gain access to seven out of the ten multisig private keys—an alarming security lapse. These unfortunate events paint a bleak picture for OZYS, as this is now the third platform they have seen fall victim to hacks in a mere three-year span.

Does multisig pose same threat in the Bitcoin ecosystem or the breach is limited to POS Blockchain?