Orange Finance, a major liquidity management protocol on the Arbitrum network, has suffered a significant breach, losing over $840,000.
The team disclosed the hack on January 8 through a post on X, urging users to refrain from interacting with the platform until further notice.
According to the Orange Finance team, the hacker gained control of the admin address, upgraded the protocol’s contracts, and drained funds to their wallet. The team confirmed that they no longer control the affected contract and are still investigating the full scope of the attack.
To resolve the situation, the Orange Finance team contacted the hacker through an on-chain message, requesting a response within 24 hours. They also reassured the hacker that no law enforcement would be involved, treating the incident as a white-hat hack in hopes of recovering the funds.
Blockchain analytics firm Cyvers Alert has reported that the stolen funds have been converted into Ethereum (ETH). Meanwhile, the Orange Finance team advises all users to revoke any contract approvals associated with the platform to ensure their security.
Before the hack, Orange Finance had over $1.5 million in total value locked (TVL), according to data from DefiLlama, making it the largest liquidity manager on the Arbitrum network.
In related news, Singapore-based crypto exchange BingX also faced a security incident that prompted the suspension of withdrawals in September 2024. The exchange detected a potential hacker attack targeting its hot wallet, with blockchain analysts estimating the losses to exceed tens of millions of dollars. BingX’s chief product officer, Vivien Lin, assured users that most assets were stored in cold wallets and that they had remained unaffected by the breach. While the full extent of the loss was still being assessed at the time, Lin referred to the incident as involving a “minor asset loss,” though the scale of the hack has not been publicly disclosed.
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