Orbit Bridge: Strategies for Service Resumption(Draft)
Hello, Orbit Chain community. This is Ozys, the developer of Orbit Bridge.
We would like to provide you with further information regarding ‘the Asset Recovery and Ecosystem Normalization Plan (Draft)’ shared on February 14th.
Our ongoing efforts at Ozys are focused on maximizing financial resources through capital mobilization, technology utilization, and future business feasibility. In tandem, for the normalization of the Orbit ecosystem, we are directing our attention to two key priorities, which are 1) Partial Re-opening of Orbit Bridge Services and 2) Resolving ‘ⒷPriority Recovery Assets’.
1) Partial Re-opening of Orbit Bridge Services
In order to fully resume Orbit Bridge services, several tasks need to be preceded. First of all, the ongoing investigation must determine the root cause of the exploit. Furthermore, a complete system upgrade, which includes a full protocol advancement and a security check (a complete replacement of the validator keys, audit, etc.) needs to be completed.
Given the complexity of the investigation and the inevitable delays associated with identifying the exploit’s cause and updating bridge systems, a full-fledged reopening of the bridge is deemed to be challenging at this stage. In this context, we aim to facilitate the return of pending assets since the bridge outage, and gradually restore the services overtime.
Outlined below are the specific steps we intend to take in order to resume Orbit Bridge services.
- Pending Asset Return
Our next step involves reaching a validator consensus to facilitate the return of pending assets that remained incomplete since the Orbit Bridge exploit. We are diligently working on the necessary development tasks to ensure the secure return of these pending assets.
The application process for returns is scheduled to begin on Monday, March 4th. Detailed information regarding return schedules and procedures will be communicated through upcoming notices. - Non-Ethereum Vaults (Polygon, BNB, Ripple, WEMIX3.0, TON etc.)
Preemptive measures are underway to resume bridge services for non-Ethereum vaults that were not affected by the exploit. To this end, based on validator consensus, we are in the process of replacing all validator keys and adding codes to strengthen security.
Upon completion of this work, following thorough security audits and a comprehensive system check, we plan to safely reinstate bridging services for non-Ethereum vaults in April. - Ethereum Vaults
The resumption of Ethereum Vault is contingent upon understanding the exploit’s cause, completing system upgrade, and implementing additional security enhancements. Transparent disclosures will be provided once the relevant authorities determine the cause.
Replacement of all validator keys for the Ethereum Vault are ongoing currently. All available measures will be taken to facilitate the Ethereum Vault reopening in a secure environment.
2) Resolving ‘ⒷPriority Recovery Assets’
Previously, we stated that our foremost priority is to restore ‘ⒷPriority Recovery Assets’, which refer to ‘user assets’.
In pursuit of this goal, Ozys intends to purchase oAssets with price discrepancies using its profits from various on-chain businesses including future benefits Ozys will derive from participating in the Silicon Ecosystem. This strategic move aims to mitigate price discrepancies, expediting the recovery of user assets and fostering the normalization of the Orbit ecosystem.
The process of acquiring oAssets will begin from early March with the primary objective of promptly restoring user assets. Asset details as well as wallet addresses will be provided to the community in a transparent manner.
Furthermore, we plan to leverage the direct and indirect upsides of the ‘New Initiative, Silicon’ unveiled last week, in order to gradually achieve ecosystem normalization within a concise timeframe.
We extend our sincere apologies for any inconvenience and hardship caused by the Orbit Bridge exploit. Please rest assured that we are committed to deploying every possible effort to restore the ecosystem to its normal state.
Thank you.
