Introduction
Hackers attacked Orange Finance, a popular platform on the Arbitrum blockchain. They stole $840,000 by taking over the system and then moving money into their wallets. Orange Finance’s team shared the news on January 8 and warned users not to use the platform for now.
Important Announcement – Jan. 8, 2025
A hacker has taken over the admin address, upgraded the contracts, and transferred funds to their wallet.
The team is not sure what happened and is currently investigating.
The contract is no longer Orange.
DO NOT interact with it (e.g.,…— Orange Finance🍊 (@0xOrangeFinance) January 8, 2025
How Did Hackers Steal the Arbitrum Money?
The hackers gained control of the admin account. This allowed them to change the system, called contracts, and take the funds too. The Orange Finance team said they no longer control the platform. Right now, they don’t know all the details about how the attack happened. This hack caused big problems because Orange Finance was trusted by many people. Users were told to stay away from the platform and cancel permissions that could give hackers access to more money.
What Is Orange Finance Doing?
The team used blockchain tools to send a message to the hacker. They asked the hacker to return the stolen money within 24 hours and promised not to call the police or involve law enforcement if the hacker returned the funds. This is called a “white-hat” deal. It gives hackers as much as of a chance to fix their actions without facing serious punishment. Orange Finance hopes this will work.
What Happened to the Arbitrum Stolen Money?
A group called Cyvers Alert tracks blockchain activity. They said the hacker had already changed the stolen money into Ethereum (ETH), another kind of cryptocurrency. Surely, this can make it harder to track and recover the stolen money.
How Can Users Stay Safe?
Orange Finance told users to cancel any permissions linked to their accounts. furthermore, these permissions might let hackers take more funds. Canceling them can help keep your money safe. Equally important is to check your crypto accounts often. If you don’t need permission anymore, it’s a good idea to cancel it.
About Orange Finance
Orange Finance is a platform that helps people manage their money on the Arbitrum blockchain. It pools funds and helps users earn rewards. Before the hack, Orange Finance was the largest liquidity manager on Arbitrum. It managed over $1.5 million. The attack is a big loss for the platform and its users, per data from DefiLlama.
VR Soldier Thought About the Arbitrum hack
This hack shows that even trusted platforms can be attacked. It reminds everyone in the crypto world to focus on safety. Moreover, users should always take steps to protect their money. Equally important, checking permissions, using secure wallets, and staying informed are keys to staying safe. Also, this attack shows how important security is in the world of decentralized finance. In addition, Platforms need to work harder to protect users from hackers. At the same time, users should be careful with their money. DeFi offers many opportunities, but safety must always come first.
