Outside Source
Arbitrum-based Orange Finance has lost $840,000 after hackers upgraded its contracts and drained funds.
Orange Finance, a liquidity management protocol on the Arbitrum network, has been hacked, with losses totaling over $840,000. The team broke the news in an X post on Jan. 8, urging users to avoid interacting with the platform.
According to the Orange Finance team, a hacker “has taken over the admin address, upgraded the contracts, and transferred funds to their wallet,” also confirming that the contract is no longer under Orange Finance’s control. The team is also “unsure of the details at this time,” the X post reads.
In a follow-up post, the Orange Finance team said they contacted the hacker through an on-chain message, asking to “respond positively within 24 hours,” and promising 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 swapped the stolen funds into Ethereum (ETH). The Orange Finance team is still investigating the attack. Users are being told to revoke all contract approvals connected to Orange Finance to stay safe.
Orange Finance is the largest liquidity manager on Arbitrum, which had more than $1.5 million in total value locked before the attack, per data from DefiLlama.
This article first appeared at crypto.news
