The liquidity management protocol Orange Finance on the Arbitrum network was hacked, resulting in a loss of more than $840,000. The team disclosed details of the incident and took steps to resolve it.
Details of the Breach
On January 8, the Orange Finance team announced the hack, advising users to refrain from interacting with the platform. The hacker gained control of the admin address, upgraded the protocol’s contracts, and transferred the funds to their wallet. The team confirmed lost control over the affected contracts and continues investigating.
Remedial Actions
To resolve the situation, the team reached out to the hacker through an on-chain message, expecting a response within 24 hours. Orange Finance assured no law enforcement would be involved, treating the incident as a white-hat hack, hoping to recover the funds. Analytics firm Cyvers Alert reported that the stolen funds were converted into Ethereum (ETH).
Related Incidents
In a related incident in September 2024, crypto exchange BingX also faced an attack, leading to a suspension of withdrawals. Potential losses were estimated to reach tens of millions of dollars. The main assets remained in cold wallets and were unaffected.
The incident with Orange Finance underscores the importance of security in the crypto space. As attacks on DeFi protocols increase, users must be extremely cautious when interacting with such platforms.
