The decentralized finance platform, Orange Finance built on the Arbitrum network, has suffered a loss of approximately $840,000 following an attack where hackers manipulated their contracts to siphon funds off.
On January 8th, it was announced through a post that Orange Finance, a liquidity management system functioning within the Arbitrum network, has suffered a hack. The total losses are estimated to exceed $840,000. The team strongly advises users to refrain from engaging with the platform at this time.
Urgent Notice – January 8, 2025
Unfortunately, an unauthorized individual has gained control of our administrative account, manipulated the contracts, and moved funds to their personal wallet.
Our team is working diligently to understand the situation and is currently conducting a thorough investigation.
Please note that the contract is no longer functioning as Orange.
Under no circumstances should you engage with it (e.g., make transactions, modify settings).
We will provide updates as soon as more information becomes available.— Orange Finance🍊 (@0xOrangeFinance) January 8, 2025
Based on information from the Orange Finance group, a hacker appears to have gained control over the admin account, made changes to the contracts, and moved funds into their own digital wallet. This indicates that the contract is now outside of Orange Finance’s management. At the moment, the specifics are unclear, as stated in the X post.
In their subsequent update, the Orange Finance group stated that they reached out to the hacker via an online communication method on the blockchain. They requested a favorable response within 24 hours and assured that no law enforcement entities would intervene, positioning this incident as an ethical hack, or “white-hat” hack.
🚨ATTENTION🚨 The @0xOrangeFinance team has disclosed that a hacker has gained unauthorized access to the admin address, modified contracts, and transferred funds worth over $840K to their wallet on the $ARB network. The team is currently investigating but lacks specific details at present…
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) January 8, 2025
According to Cyvers Alert, the thief has converted the pilfered assets into Ethereum (ETH). Meanwhile, Orange Finance continues to scrutinize the incident. They advise users to rescind all contract authorizations associated with Orange Finance for safety reasons.
According to DefiLlama’s data, Orange Finance stands as the leading provider of liquidity within the Arbitrum network, with over $1.5 million worth of assets secured prior to the recent incident.
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2025-01-08 14:28