Hackers Steal $840,000 from Orange Finance

Hackers Exploit Orange Finance Platform Orange Finance, a major liquidity manager on the Arbitrum network, suffered a hacking incident resulting in the theft of $840,000. The Orange Finance team announced the breach on January 8 via X, urging users to avoid interacting with the protocol.

Details of the Attack According to the team, the hackers gained control of the administrator address, upgraded the contracts, and transferred the funds to their wallet. The team confirmed that the contracts are no longer under their control and noted that they currently lack precise details about the attack. Message to the Hacker In a subsequent statement, the Orange Finance team revealed they contacted the hacker via an on-chain message. They requested a "positive response within 24 hours" and offered to handle the situation as a "white hat" matter without involving law enforcement agencies.

Funds Converted to Ethereum Blockchain analytics firm Cyvers Alert reported that the hacker had already swapped the stolen funds for Ethereum (ETH). The Orange Finance team continues to investigate the incident and has advised users to revoke all contract approvals linked to Orange Finance to ensure their safety. A Significant Loss for Arbitrum’s Largest Liquidity Manager Before the attack, Orange Finance was the largest liquidity manager on the Arbitrum network, with over $1.5 million in total value locked, according to data from DefiLlama. This incident is a major blow to the platform’s operations and reputation. Conclusion The hack on Orange Finance highlights the risks associated with decentralized finance protocols. Users are urged to secure their funds and regularly review contract approvals to prevent similar incidents. The Orange Finance team is working to investigate the breach and recover the stolen funds.

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