Arbitrum-based Orange Finance lost $840,000 after hackers updated its contracts and drained the funds.
Orange Finance, a liquidity management protocol on... resolution The network was hacked, and total losses amounted to more than $840,000. The team spread the news In X's post On January 8, he urged users to avoid interacting with the platform.
According to the Orange Finance team, a hacker took over the administrator's address and upgraded the contracts and transferred funds to his wallet, which also confirms that the contract is no longer under Orange Finance's control. X's post also said that the team is "unsure of the details at this time."
In a follow-up blog, the Orange Finance team He said They contacted the hacker through Message on the chainHe demanded a "positive response within 24 hours" and promised that "no law enforcement agencies will be involved, and the matter will be treated as a white hat hack."
Blockchain analytics firm Cyvers Alert added that the hacker has already exchanged the stolen funds to Ethereum (Ethereum). The Orange Finance team is still investigating the attack. Users are required to cancel all contract approvals associated with Orange Finance to stay safe.
Orange Finance is Arbitrum's largest liquidity manager, which had a total value of more than $1.5 million before the attack, per Data From Devilama.
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